Zamora, Shell tie up for RE projects

Published July 1, 2022, 3:45 PM

by Myrna M. Velasco

Zamora-led Emerging Power Inc. (EPI), the renewable energy subsidiary of Nickel Asia Corporation, has inked a joint venture agreement with Shell Overseas Investments B.V. for the targeted developments of up to 3,000 megawatts of renewable energy (RE) installations in the Philippines, primarily in the solar development space.

In a media statement, EPI indicated that the initial developments pursued for commercial operations will be 1,000MW (1.0 gigawatt) of RE projects by 2028; and will be ramped up to 3,000 megawatts in the years ahead.

The Zamora-led company emphasized that the siting of the projects will be mostly within Luzon and Visayas grids – although it has not given details yet on the specific sites of the solar farm ventures.

“The focus will be on utility scale solar photovoltaic (PV) while evaluating opportunities in onshore wind and energy storage systems,” EPI stressed.

According to NAC President and CEO Martin Antonio G. Zamora, “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 (environmental, social and governance) investment in the country.”

The partner-companies have not provided figure how much capital spending they will be infusing for the projects; and there had been no particular numbers also on the breakdown of RE developments to be done per technology.

The EPI-Shell JV cited that “based on industry data, a gigawatt of solar PV can supply the annual daytime consumption of over 1.2 million homes in the country,” with it emphasizing that a typical Filipino household normally consumes 200-kilowatt hours a month.

Shell Philippines Country Chair Lorelie Q. Osial similarly conveyed that “working with partners and developing new collaborations is key to accelerate the energy transition,” adding that “this Shell-EPI partnership will leverage on Shell’s technical expertise and integrated solutions as a global energy company and EPI’s strong presence in the Philippines.”

She pointed out that for the tie-up with the Zamora group on the targeted RE projects, “together, we can power progress for the Philippines through sustainable energy for industries and homes.”

The off-take of the RE capacities generated by the Shell-EPI partnership shall also be managed in part by Shell Energy Philippines Inc., the power generation and electricity trading arm of the local subsidiary of the Royal Dutch Shell.

Project developments in the RE space had been widely touted as the ‘game in town’ in the Philippine energy sector – and this is seen sustained under the Marcos administration, given that the new President had anchored his campaign platform on renewable energy.