Nickel Asia Corporation (NAC), through its renewable energy subsidiary Emerging Power Inc., has signed an agreement with Shell Overseas Investments B.V to develop and operate renewable energy projects in the country.
The joint venture looks to generate one gigawatt (GW) of RE by 2028 and to expand it up to three gigawatts by rolling out a series of projects in the Luzon and Visayas. EPI-Shell will be focusing on utility-scale solar photovoltaic (PV) projects while evaluating opportunities in onshore wind and energy storage systems.
“This partnership would allow both companies to boost the supply of renewable energy in the Philippines and is in line with NAC’s vision to become the premier ESG investment in the country,” NAC president and CEO Martin Antonio Zamora said in a statement.
According to industry data, a gigawatt of solar PV can supply an annual daytime consumption of over 1.2 million homes in the country. On average, a Filipino household typically consumes 200 kilowatt-hours a month.
“Working with partners and developing new collaborations is key to accelerate the energy transition. This Shell-EPI partnership will leverage Shell’s technical expertise and integrated solutions as a global energy company and EPI’s strong presence in the Philippines. Together, we can power progress for the Philippines through sustainable energy for industries and homes,” Shell Companies in the Philippines country chair Lorelei Q. Osial said.
NAC said that the new joint venture is an opportunity to provide integrated value to customers by exploring synergies with retail electricity supplier Shell Energy Philippines, Inc.