NickelAsia-backed Leyte solar advances roll out with new funding

Greenlight Holdings Inc. (GRHI), a joint venture between Emerging Power Inc. (EPI) and Shell Overseas Investments BV (SOIBV), is advancing the rollout of its 240-megawatt peak (MWp) San Isidro Leyte Solar Power Project, with Phase 1 already supplying electricity ahead of its target commercial operations by June.

The company said Wednesday that the project has significantly progressed after it secured a P9.36-billion project finance senior term loan facility from China Banking Corp. and Security Bank Corp.

Located in Barangay Daja Daku in San Isidro, Leyte, the project is being developed in two 120-MWp phases. 

GRHI President and CEO Darlene Arguelles said Phase 1 began energization in October 2025 and is currently supplying power to Shell Energy Philippines, the project’s offtaker.

Phase 2 is expected to begin energy delivery later this year.

“This 240-megawatt facility represents a landmark development for the GRHI group and our first renewable energy project under our partnership with Shell,” EPI Shareholder Representative to GRHI and NAC Vice Chairman Maria Patricia Riingen said.

“It underscores our shared commitment to advancing the Philippines’ clean energy transition through projects of scale and long-term impact.”

Once fully operational, the facility is expected to supply clean electricity to around 140,000 households and offset an estimated 91,000 tons of carbon emissions annually.

China Bank Executive Vice President Lilian Yu said the transaction could pave the way for future renewable energy projects between the parties.

“This is our first project finance transaction with Nickel Asia and Shell,” Yu said. “We are optimistic about a long-term partnership as EPI and Shell target one gigawatt of renewable energy capacity in the country by 2028.”

RCBC Capital Corp. served as financial advisor and mandated lead arranger for the transaction, while China Bank Capital Corp. and Security Bank Capital Investment Corp. acted as co-lead arrangers.

EPI is the renewable energy unit of Nickel Asia Corp., the country’s largest nickel producer.