Emerging Power secures P5.175B loan for Zambales solar project

Emerging Power Inc. (EPI), the renewable energy subsidiary of Nickel Asia Corp. (NAC), secured a ₱5.175 billion loan from Rizal Commercial Banking Corp. (RCBC) for its 145-megawatt (MW) Cawag solar power project in Zambales.

The construction of the solar farm was expected to begin in the fourth quarter of 2024, with completion anticipated by the latter part of 2025.

Once operational, the project is expected to supply clean energy to at least 90,000 households.

This initiative is projected to cut down greenhouse gas emissions by as much as 200,000 metric tons annually.

The project will generate at least 500 employment opportunities during its construction and operational periods.

This development is crucial for EPI's objective of achieving one gigawatt (GW) of attributable capacity by 2028, alongside other significant projects like Sta. Rita Solar and Subic New PV Power.

EPI is also actively developing and exploring other clean energy sources beyond solar, including geothermal, wind, run-of-the-river hydroelectricity, and battery storage.