A renewable energy unit of Nickel Asia Corporation has secured ₱9.36 billion in financing for a solar power project in Leyte.
The company said its subsidiary, Emerging Power Inc., finalized the deal last month with China Banking Corporation and Security Bank Corporation as lenders, while RCBC Capital Corporation acted as arranger.
The funding will support the San Isidro solar project, which will be built in two phases. The first 120-megawatt (MW) phase is expected to start commercial operations by the second quarter of this year. The second 120 MW phase is scheduled for energization within the same period, with full operations targeted by early next year.
The project is being developed under Greenlight Renewables Holdings.
Emerging Power aims to grow its total capacity to 458 MW by year-end, up from 293 MW projected by end-2025. Aside from the Leyte project, the company plans to energize at least one more solar project this year, including a 45 MW facility in Zambales set for completion by the fourth quarter.
Nickel Asia has been expanding into renewable energy as part of its shift beyond mining. In 2025, the company reported a sharp rise in earnings, driven by higher ore production and stronger global metal prices. Its leadership said it is accelerating its transition into a broader resource company, including investments in renewable energy as well as gold and copper.
