Greenlight Holdings Inc. (GRHI) has secured a PHP 9.36-billion project finance senior term loan facility for the construction of the 240-megawatt peak (MWp) San Isidro Leyte Solar Power Project, marking a major financing milestone for one of the country’s large-scale renewable energy developments.

GRHI is a joint venture between Emerging Power Inc. (EPI), renewable energy company and a subsidiary of Nickel Asia Corporation (NAC), and Shell Overseas Investments BV (SOIBV), a Netherlands-registered subsidiary of Shell. The project financing was provided by China Banking Corporation and Security Bank Corporation.

Located in Barangay Daja Daku in San Isidro, Leyte, the solar project is being developed in two 120-MWp phases.

According to GRHI, Phase 1 began energization in October 2025 and is already supplying electricity to Shell Energy Philippines. Full commercial operations for the first phase are targeted by June 2026, while Phase 2 is expected to begin energy delivery later this year.

Once fully operational, the facility is expected to supply clean electricity to around 140,000 households and offset an estimated 91,000 tons of emissions annually.

“This 240-megawatt facility represents a landmark development for the GRHI group and our first renewable energy project under our partnership with Shell,” said NAC Vice Chairman and GRHI Chairman Maria Patricia Riingen.

Riingen added that the project highlights the group’s commitment to advancing the country’s clean energy transition through “projects of scale and long-term impact.”

The financing also reflects growing lender participation in large-scale renewable energy projects as the country expands efforts to diversify its energy mix and reduce dependence on imported fossil fuels.

“For us, financing this project means backing energy independence,” said Security Bank Executive Vice President and Segment Head for Wholesale Banking John Cary Ong.

“By diversifying away from imported fossil fuels, we insulate the economy from the unpredictability of oil, LNG, and coal. In an uncertain world, the sun remains the most reliable supplier we could ask for,” Ong explained.

China Bank Executive Vice President and Institutional Banking Head Lilian Yu said the transaction marked a significant milestone for the bank.

“This is our first project finance transaction with Nickel Asia and Shell. We are optimistic about a long-term partnership as EPI and Shell target one gigawatt of renewable energy capacity in the country by 2028,” Yu said.

The financing facility involved several transaction partners, including RCBC Capital Corporation as financial advisor and mandated lead arranger, along with China Bank Capital Corporation and Security Bank Capital Investment Corporation as co-lead arrangers.

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