Greenlight Holdings Inc. (GRHI), a joint venture between Emerging Power Inc. (EPI) and Shell Overseas Investments BV (SOIBV), has secured a ₱9.36-billion project finance senior term loan facility for the construction of the 240-megawatt-peak (MWp) San Isidro Leyte Solar Power Project.
The financing was provided by China Banking Corp. (China Bank) and Security Bank Corp. (Security Bank). Located in Barangay Daja Daku, San Isidro, Leyte, the project is being developed in two 120-MWp phases.
Project timeline and impact
GRHI President and CEO Darlene Arguelles said Phase 1 began energization activities in October 2025 and is currently supplying power to its offtaker, Shell Energy Philippines.
- June 2026: Target date for full commercial operations of Phase 1
- Late 2026: Phase 2 is on track to begin energy delivery
Once fully operational, the facility is expected to:
- Supply clean electricity to approximately 140,000 households*
- Offset an estimated 91,000 tons of emissions annually
- Drive local economic growth through job creation and community programs
“This 240-megawatt facility represents a landmark development for the GRHI group and our first renewable energy project under our partnership with Shell,” said EPI shareholder representative to GRHI and NAC Vice Chairman Maria Patricia Riingen. “It underscores our shared commitment to advancing the Philippines’ clean energy transition through projects of scale and long-term impact.”
Strengthening energy independence
Security Bank Executive Vice President John Cary Ong highlighted the strategic importance of the project amid global energy volatility.
“For us, financing this project means backing energy independence,” Ong said. “By diversifying away from imported fossil fuels, we insulate the economy from the unpredictability of oil, LNG and coal. In an uncertain world, the sun remains the most reliable supplier we could ask for.”
China Bank Executive Vice President Lilian Yu added that the transaction marks a significant milestone.
“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 1 gigawatt of renewable energy capacity in the country by 2028.”
Transaction partners
The successful closing of the facility involved several key advisers and partners:
- Financial adviser and mandated lead arranger: RCBC Capital Corp.
- Co-lead arrangers: China Bank Capital Corp. and Security Bank Capital Investment Corp.
- Facility agent and security trustee: Security Bank Corp. (Trust and Asset Management Group)
- Legal counsel: Romulo Mabanta Buenaventura Sayoc & De Los Angeles (lenders); Martinez Vergara & Gonzalez Sociedad (borrower)
- Technical and insurance advisers: Black & Veatch; Marsh Philippines Inc.
*The computation is based on the estimated average monthly household electricity consumption of 200 kWh, as provided by Meralco.
