ADVERTISEMENT
Manila Bulletin devider Business devider Banking & Finance devider Nickel Asia's EPI gets ₱5-billion financing from RCBC for Cawag solar plant

Nickel Asia's EPI gets ₱5-billion financing from RCBC for Cawag solar plant

Published Mar 7, 2025 06:22 am

Emerging Power, Inc. (EPI).png

 

Emerging Power Inc. (EPI), the renewable energy (RE) arm of Nickel Asia Corp. (NAC), has secured a loan from Rizal Commercial Banking Corp. (RCBC) to fund its solar project in Zambales.

In a statement on Friday, March 7, EPI announced that it secured a ₱5.175-billion finance senior term loan to support the development of the 145 megawatt-peak (MWp) Cawag solar power project.

Located in Brgy. Cawag, Redondo Peninsula, Subic Freeport, Zambales, the Cawag solar project is expected to provide clean energy to approximately 90,000 households.

Upon completion, the project could also reduce greenhouse gas emissions by up to 200,000 metric tons annually, equivalent to the emissions of 42,000 cars.

Roy S. Fernandez, EPI president and chief executive officer, stated that the project will create at least 500 jobs during its construction and operational phases.

“More than reinforcing our commitment to scaling up clean energy, the project plays a critical role in helping EPI reach its goal of generating one gigawatt (GW) of attributable capacity by 2028, alongside other major projects such as the Sta. Rita Solar and Subic New PV power,” he said.

Elizabeth Coronel, RCBC executive vice president and institutional banking group head, emphasized the Yuchengco-led bank’s interest in a long-term partnership with NAC and EPI for future RE projects.

“RCBC has been funding RE projects for about 14 years now. We have supported approximately three GW of RE here and in the region,” she said.

EPI reported that RCBC Capital Corp. and RCBC served as the arranger, facility agent, and security trustee for the loan.

Romulo Mabanta Buenaventura Sayoc & De Los Angeles (Romulo) acted as the lender’s counsel, while Martinez Vergara & Gonzalez Sociedad (MVGS) served as the borrower’s counsel.

Technical advisory services were provided by Black & Veatch, and Marsh Philippines Inc. served as the insurance advisor.

Martin Antonio Zamora, NAC president, highlighted the company’s diversification from a mining firm into a diversified natural resources enterprise.

He assured that the group will continue to pursue both mining and RE initiatives.

In addition to solar projects, EPI is developing and exploring various clean energy projects, including geothermal, wind, run-of-river hydroelectricity, and battery storage.

EPI aims to develop an additional 1,589 MW of solar, wind, battery storage, and hydrothermal projects within the next three years.

Related Tags

Nickel Asia Corporation Emerging Power Inc.
ADVERTISEMENT
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ articles_filter_1561_widget.title }}

{{ item.title }}
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ articles_filter_1562_widget.title }}

{{ item.title }}
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ articles_filter_1563_widget.title }}

{{ item.title }}

{{ articles_filter_1564_widget.title }}

{{ item.title }}
.mb-article-details { position: relative; } .mb-article-details .article-body-preview, .mb-article-details .article-body-summary{ font-size: 17px; line-height: 30px; font-family: "Libre Caslon Text", serif; color: #000; } .mb-article-details .article-body-preview iframe , .mb-article-details .article-body-summary iframe{ width: 100%; margin: auto; } .read-more-background { background: linear-gradient(180deg, color(display-p3 1.000 1.000 1.000 / 0) 13.75%, color(display-p3 1.000 1.000 1.000 / 0.8) 30.79%, color(display-p3 1.000 1.000 1.000) 72.5%); position: absolute; height: 200px; width: 100%; bottom: 0; display: flex; justify-content: center; align-items: center; padding: 0; } .read-more-background a{ color: #000; } .read-more-btn { padding: 17px 45px; font-family: Inter; font-weight: 700; font-size: 18px; line-height: 16px; text-align: center; vertical-align: middle; border: 1px solid black; background-color: white; } .hidden { display: none; }
function initializeAllSwipers() { // Get all hidden inputs with cms_article_id document.querySelectorAll('[id^="cms_article_id_"]').forEach(function (input) { const cmsArticleId = input.value; const articleSelector = '#article-' + cmsArticleId + ' .body_images'; const swiperElement = document.querySelector(articleSelector); if (swiperElement && !swiperElement.classList.contains('swiper-initialized')) { new Swiper(articleSelector, { loop: true, pagination: false, navigation: { nextEl: '#article-' + cmsArticleId + ' .swiper-button-next', prevEl: '#article-' + cmsArticleId + ' .swiper-button-prev', }, }); } }); } setTimeout(initializeAllSwipers, 3000); const intersectionObserver = new IntersectionObserver( (entries) => { entries.forEach((entry) => { if (entry.isIntersecting) { const newUrl = entry.target.getAttribute("data-url"); if (newUrl) { history.pushState(null, null, newUrl); let article = entry.target; // Extract metadata const author = article.querySelector('.author-section').textContent.replace('By', '').trim(); const section = article.querySelector('.section-info ').textContent.replace(' ', ' '); const title = article.querySelector('.article-title h1').textContent; // Parse URL for Chartbeat path format const parsedUrl = new URL(newUrl, window.location.origin); const cleanUrl = parsedUrl.host + parsedUrl.pathname; // Update Chartbeat configuration if (typeof window._sf_async_config !== 'undefined') { window._sf_async_config.path = cleanUrl; window._sf_async_config.sections = section; window._sf_async_config.authors = author; } // Track virtual page view with Chartbeat if (typeof pSUPERFLY !== 'undefined' && typeof pSUPERFLY.virtualPage === 'function') { try { pSUPERFLY.virtualPage({ path: cleanUrl, title: title, sections: section, authors: author }); } catch (error) { console.error('ping error', error); } } // Optional: Update document title if (title && title !== document.title) { document.title = title; } } } }); }, { threshold: 0.1 } ); function showArticleBody(button) { const article = button.closest("article"); const summary = article.querySelector(".article-body-summary"); const body = article.querySelector(".article-body-preview"); const readMoreSection = article.querySelector(".read-more-background"); // Hide summary and read-more section summary.style.display = "none"; readMoreSection.style.display = "none"; // Show the full article body body.classList.remove("hidden"); } document.addEventListener("DOMContentLoaded", () => { let loadCount = 0; // Track how many times articles are loaded const offset = [1, 2, 3, 4, 5, 6, 7, 8, 9, 10]; // Offset values const currentUrl = window.location.pathname.substring(1); let isLoading = false; // Prevent multiple calls if (!currentUrl) { console.log("Current URL is invalid."); return; } const sentinel = document.getElementById("load-more-sentinel"); if (!sentinel) { console.log("Sentinel element not found."); return; } function isSentinelVisible() { const rect = sentinel.getBoundingClientRect(); return ( rect.top < window.innerHeight && rect.bottom >= 0 ); } function onScroll() { if (isLoading) return; if (isSentinelVisible()) { if (loadCount >= offset.length) { console.log("Maximum load attempts reached."); window.removeEventListener("scroll", onScroll); return; } isLoading = true; const currentOffset = offset[loadCount]; window.loadMoreItems().then(() => { let article = document.querySelector('#widget_1690 > div:nth-last-of-type(2) article'); intersectionObserver.observe(article) loadCount++; }).catch(error => { console.error("Error loading more items:", error); }).finally(() => { isLoading = false; }); } } window.addEventListener("scroll", onScroll); });
Join Our Newsletters

Sign up by email to receive news.

© 2025 Manila Bulletin The Nation's Leading Newspaper. All Rights Reserved.