Nickel Asia unit gets P5.2 billion loan from RCBC

MANILA, Philippines — A subsidiary of Zamora-led Nickel Asia Corp. (NAC) is advancing the development of its massive solar farm in Zambales with a P5.18-billion loan from Yuchengco-led Rizal Commercial Banking Corp. (RCBC).

NAC unit Emerging Power Inc. (EPI) recently signed a senior term loan facility with RCBC to bankroll the construction of the 145-megawatt (MW)-peak Cawag solar power project at Subic Freeport.

“We look forward to a long-term partnership with NAC and EPI, and we also look forward to funding more of their RE (renewable energy) projects,” RCBC executive vice president Elizabeth Coronel said.

RCBC Capital Corp. and RCBC Trust Corp. acted as the arranger, facility agent and security trustee for the loan.

Romulo Buenaventura served as the lender’s counsel, while Martinez Vergara & Gonzalez Sociedad was tapped as the borrower’s counsel.

The loan is expected to provide much-needed financial clout for the Cawag project, which is poised to power at least 90,000 homes and avoid 200,000 metric tons of carbon emissions per year.

“More than reinforcing our commitment to scaling up clean energy, the project plays a critical role in helping EPI reach its goal of generating one gigawatt of attributable capacity by 2028,” EPI president and CEO Roy Fernandez said.

Meanwhile, NAC president and CEO Martin Antonio Zamora, said the solar facility marks a significant milestone in the company’s strategic shift into a diversified natural resources powerhouse.

Apart from solar, EPI is actively developing and exploring various renewable power projects, including geothermal, wind, run-of-river and battery storage.

The company also intends to build an additional 1,589 MW worth of clean energy projects within the next three years.