Emerging Power Inc. (EPI), the renewable energy subsidiary of Nickel Asia Corp. (NAC), said Friday it secured a P5.175-billion project finance senior term loan facility from Rizal Commercial Banking Corp. (RCBC) to fund the construction of the 145-megawatt peak (MWp) Cawag Solar Power Project in Barangay Cawag, Redondo Peninsula, Subic Freeport in Zambales.
EPI president and chief executive Roy Fernandez said the Cawag Solar Power Project would provide clean energy to at least 90,000 households, avoid greenhouse gas emissions of 200,000 metric tons of CO2 annually or equivalent to 42,000 cars taken off the streets and create at least 500 jobs during construction and operations.
“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,” he said.
NAC president and chief executive Martin Antonio Zamora said the solar farm represents a significant milestone in NAC’s strategic diversification from a mining company into a diversified natural resources company.
He said the group would continue to contribute to the Philippines’ growing green economy through these two vital industries – mining and renewable energy.
EPI is also actively developing and exploring a range of renewable energy projects that span across geothermal, wind, run-of-the-river hydroelectricity and battery storage.
The company is looking to develop an additional 1,589 MW-worth of solar, wind, battery storage, and hydrothermal projects within the next three years.
RCBC executive vice president and institutional banking group head Elizabeth Coronel cited the bank’s commitment to supporting renewable energy 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 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,” he said.
RCBC Capital Corp. and RCBC Trust Corp. served as the arranger and facility agent and security trustee, respectively, with Romulo Mabanta Buenaventura Sayoc & De Los Angeles (Romulo) acting as the lender’s counsel, and Martinez Vergara & Gonzalez Sociedad (MVGS) as the borrower’s counsel.
Black & Veatch provided technical advisory services, while Marsh Philippines Inc. served as the insurance advisor.
