In a bold move towards a greener future, Nickel Asia Corporation (NAC), traditionally known for its mining ventures, is accelerating its renewable energy transformation through its subsidiary, Emerging Power Inc. (EPI). The company has secured a PHP 5.175-billion loan from Rizal Commercial Banking Corporation (RCBC) to fund the 145-MW peak Cawag Solar Power Project in Subic Freeport, Zambales.
The financing marks a critical milestone in NAC’s strategic shift from a mining-centered business to a diversified natural resources firm. With the Cawag project, NAC is signaling its commitment to sustainable development while continuing to supply vital minerals for the global economy.
NAC President and CEO Martin Antonio G. Zamora stated that the 145-MW facility marks a significant milestone in NAC’s evolution, reinforcing the company’s commitment to both mining and renewable energy as essential pillars of the Philippines’ economic future. He emphasized NAC’s determination to drive meaningful contributions in both sectors.
EPI President and CEO Roy S. Fernandez underscored the solar project’s potential to power at least 90,000 households while reducing 200,000 metric tons of carbon dioxide emissions annually—equivalent to removing 42,000 cars from the roads. Additionally, the project is expected to generate 500 jobs during its construction and operational phases.
The Cawag Solar Power Project is part of EPI’s broader ambition to reach 1 GW of attributable renewable capacity by 2028. Beyond solar energy, EPI is actively exploring geothermal, wind, hydroelectric, and battery storage projects, with an additional 1,589 MW of clean energy initiatives in the pipeline.
RCBC, a long-time supporter of renewable energy (RE) financing, reaffirmed its commitment to green initiatives. “RCBC has been funding renewable energy (RE) projects for about 14 years now. We have supported approximately 3 GW of renewable energy here and in the region,” said RCBC Executive Vice President Elizabeth Coronel. “We look forward to a long-term partnership with NAC and EPI, and we also look forward to funding more of their RE projects.”
As demand for clean energy rises, NAC’s push into renewables reflects a larger trend of mining companies globally aligning with sustainability. By leveraging its financial strength and industry expertise, NAC is positioning itself at the intersection of responsible resource extraction and the transition to a low-carbon future.
As the country pushes for a more sustainable and resilient energy future, how do you see the role of industries like mining and renewable energy evolving to meet these demands? Share your thoughts below!
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