Emerging Power Inc. (EPI), the renewable energy subsidiary of Nickel Asia Corp. (NAC), has secured a P5.175-billion senior term loan facility from Rizal Commercial Banking Corp. (RCBC) to fund the construction of its 145-megawatt peak Cawag Solar Power Project in Subic Freeport, Zambales.

The company said on Friday that the project would provide clean energy to 90,000 households and reduce greenhouse gas emissions by 200,000 metric tons of CO2 annually — equivalent to taking 42,000 cars off the road. It will also create at least 500 jobs during both construction and operations.

“More than reinforcing our commitment to scaling up clean energy, the project will play a critical role in helping EPI reach its goal of generating 1 GW of attributable capacity by 2028, alongside other major projects like the Sta. Rita Solar and Subic New PV Power,” EPI president and CEO Roy S. Fernandez said.

Commitment to RE financing

RCBC executive vice president Elizabeth Coronel, meanwhile, said the fund represents the bank’s commitment to renewable energy financing.

“RCBC has been funding renewable energy projects for about 14 years now. We’ve supported approximately 3 GW of renewable energy here and in the region,” Coronel said.

“We look forward to a long-term partnership with NAC and EPI and are excited to fund more of their renewable energy projects,” she added.

At present, EPI is also exploring a diverse portfolio of renewable energy projects, spanning geothermal, wind, hydroelectric and battery storage.