Despite a double-digit decline in profits last year, Nickel Asia Corp., or NAC, a mining firm, remains bullish on hitting its twin goal of becoming a premier ESG investment and a Top 25 publicly listed company by next year. 

NAC president and CEO Martin Antonio G. Zamora said on Wednesday that the company will bank on its three new nickel projects as well as on its renewable energy venture to drive up growth.

“We are enthusiastic about three promising nickel projects, namely Dinapigue, Bulanjao, and Manicani, scheduled to either ramp up or kick off this year. Furthermore, our diversification into renewable energy is proceeding according to plan,” Zamora said.

Growth driver

NAC manages Emerging Power Inc., or EPI, a renewable energy enterprise whose current solar capacity stands at around 172 megawatts, or MW. It also set out approximately 400 MW of developments in the pipeline for the immediate future.

Last year, EPI subsidiary, Jobin-SQM Inc., or JSI, jacked up its electricity generation by 25 percent to 143,770 megawatt hours, driven by an increase in capacity to 100-MW from 62-MW year-on-year. 

Just last month, JSI expanded its capacity by 72 MW. With operating assets in Mt. Sta. Rita, Subic Bay Freeport Zone, the company now boasts a 172-MW portfolio. 

According to NAC, pre-development activities on Northern Palawan Power Generation Corp.’s solar project in Subic-Cawag are almost complete with construction of the proposed 145-MW plant expected to begin by the second quarter. 

Likewise, Greenlight Renewables Holdings Inc., EPI’s joint venture with Shell Overseas Investments B.V., is on schedule to roll out its solar power project in Leyte, with an initial 120-MWp slated to be completed by the first quarter of 2025.

As to the modular-type geothermal project of EPI’s affiliate, Biliran Geothermal Inc., the initial 2-MW turbines have been installed and energization activities are ongoing. The development will pave the way for the next phase of the 10-MW capacity expansion, to attain a full capacity of 50 MW in the medium term.