Emerging Power Inc. (EPI), the renewable energy arm of Nickel Asia Corporation (NAC), has secured a P5.175-billion senior term loan facility from Rizal Commercial Banking Corporation (RCBC) to fund the construction of its 145-megawatt peak (MWp) Cawag solar power project in Subic, Zambales.
The financing will support the development of a solar facility expected to provide clean energy to 90,000 households, reduce CO2 emissions by 200,000 metric tons annually, and create at least 500 jobs. EPI president and CEO, Roy S. Fernandez, said the project aligns with the company’s strategic goal to reach 1 GW of attributable renewable energy capacity by 2028.
The project is also a key milestone in NAC’s broader diversification strategy, transitioning from a mining-focused business to a more diversified natural resources company. EPI is actively exploring a variety of renewable energy projects, including solar, geothermal, wind, hydroelectric, and battery storage, with plans to develop an additional 1,589 MW of renewable capacity over the next three years.
RCBC, which has been funding renewable energy projects for over 14 years, expressed its commitment to supporting the growth of clean energy. Elizabeth Coronel, RCBC executive vice president, highlighted the bank’s long-standing partnership with EPI and its ongoing support for the company’s renewable energy initiatives.
This financing deal underscores the growing importance of renewable energy projects in the Philippines and their potential to drive both environmental sustainability and economic growth.
