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Nickel Asia unit forges joint venture with Shell to raise renewable energy capacity

by Philippine Resources - July 07, 2022

Photo: (Standing L-R): Aditya Gupta, Shell Business Opportunity Manager; Sriram Madapura, Shell Head of Renewable Power Development, Asia-Pacific; Jasmine Choo, Shell Vice-President for Onshore Power, Asia; Thomas Brostrom, Shell Executive Vice-President, Renewable Generation; Martin Antonio Zamora, EPI Chairperson; Lorelie Quiambao Osial, Pilipinas Shell Petroleum Corporation, President and Chief Executive Officer; and Ronaldo Ibasco, EPI President and Chief Executive Officer. Credit: Shell Philippines

Emerging Power Inc. (EPI), the renewable energy subsidiary of natural resources development company Nickel Asia Corp. (NAC), signed an agreement with Shell Overseas Investments B.V. (Shell) to jointly develop, own, operate, and maintain onshore renewable energy projects in the Philippines.

The EPI-Shell venture is targeting 1 gigawatt (GW) 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 month1 .

“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.

“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.

This joint venture is an opportunity to provide integrated value to customers through exploring synergies with retail electricity supplier Shell Energy Philippines, Inc.

 

Article courtesy of the Philippine Stock Exchange


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