Nickel Asia’s RE firm seals P5.175-B loan deal
Nickel Asia Corp logo INQUIRER FILE PHOTO
MANILA, Philippines – Emerging Power Inc. (EPI), the renewable energy (RE) arm of mining firm Nickel Asia Corp. (NAC), has secured a P5.175-billion loan to fund its 145-megawatt (MW) solar farm in Zambales.
The firm said Friday that the senior term loan facility was secured from Rizal Commercial Banking Corp.
EPI previously said that the construction would begin in the fourth quarter of 2024, with the completion date expected by the latter part of this year.
READ: Renewable energy sees ‘record-breaking’ capacity add
Once operational, the Cawag solar power plant will provide electricity to at least 90,000 households.
“More than reinforcing our commitment to scaling up clean energy, the project plays a critical role in helping EPI reach its goal of generating 1 gigawatt of attributable capacity by 2028, alongside other major projects such as the Sta. Rita Solar and Subic New PV Power,” said EPI president and chief executive officer (CEO) Roy Fernandez.
In August, the group said EPI remained on course to hit its 1-gigawatt target by 2028, with more plants coming online.
EPI said it was not just focusing on solar, as it was “actively developing and exploring” other clean energy sources, such as geothermal, wind, run-of-the-river hydroelectricity, and battery storage.
An additional 1,589 MW of capacities are also in the pipeline, which the group hopes to realize “within the next three years.”
Martin Antonio Zamora, NAC president and CEO, said EPI’s growing portfolio supports the group’s goal to become a diversified natural resources company.
Last week, NAC said it was teaming up with another industry giant, DMCI Mining Corp., to jointly develop a nickel processing plant in the country.
READ: Nickel Asia, DMCI Mining eye joint nickel processing
Under the deal, Nickel Asia will offer its nickel processing technology and exploration, while DMCI has committed to provide new assets and extend its construction and engineering prowess.
