Shell, NAC unit to develop renewable energy projects
BY LENIE LECTURA – JULY 4, 2022
from Business Mirror
Emerging Power Inc. (EPI), the renewable energy (RE) arm of Nickel Asia Corp. (NAC), and Shell Overseas Investments B.V. of Netherlands have teamed up to pursue RE projects in the Philippines.
EPI and Shell signed a deal to jointly develop, own, operate, and maintain onshore RE projects in the Philippines. They will put up an investment company in the Philippines in which EPI and Shell will have equity ownership of 60 percent and 40 percent, respectively.
The target is to put up one gigawatt (GW) of RE capacity by 2028 with ambitions to contribute up to 3 GW into the country’s renewable capacity by initially rolling out a series of projects in Luzon and Visayas.
The focus will be on utility scale solar photovoltaic (PV) while evaluating opportunities in onshore wind and energy storage systems.
Based on industry data, a gigawatt of solar PV can supply the annual daytime consumption of over 1.2 million homes in the country. A Filipino household typically consumes 200 kilowatt-hours a month.
“The joint venture has the full support of EPI’s parent company, NAC. 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 investment in the country,” NAC President and CEO Martin Antonio G. Zamora said.
This joint venture is an opportunity to provide integrated value to customers through exploring synergies with retail electricity supplier Shell Energy Philippines Inc.
“Working with partners and developing new collaborations is key to accelerate the energy transition. 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.
Together, we can power progress for the Philippines through sustainable
energy for industries and homes,” said Lorelie Q. Osial, Country Chair of the Shell Companies in the Philippines.
