EPI and Shell to develop renewable projects in the Philippines
Emerging Power (EPI), a subsidiary of Nickel Asia Corp (NAC), has Between an agreement with the Shell business unit Shell Overseas Investments to develop renewable energy projects in the Philippines.
The partners will develop, own, operate and maintain onshore renewable energy projects in the country, primarily focusing on utility-scale solar photovoltaic (PV) projects.
Citing industry data, Shell and EPI said about 1 GW of solar photovoltaic panels could meet the annual daytime electricity needs of about 1.2 million homes in the Philippines.
The two companies will also explore opportunities in onshore wind and energy storage systems.
The partnership aims to develop 1 GW of projects by 2028, ultimately seeking to add up to 3 GW to the Philippines’ renewable capacity.
Shell Philippines National President Lorelie Q Osial said, “Working with partners and developing new collaborations is key to accelerating the energy transition.
“This Shell-EPI partnership will leverage Shell’s technical expertise and integrated solutions as a global energy company and EPI’s strong presence in the Philippines.
“Together, we can move the Philippines forward with sustainable energy for industries and homes.”
Reuters reported that the Philippines is seeking to increase the share of renewable energy in its energy mix from 21% in 2020 to 35% by 2030.
The partnership between Shell and EPI will initially focus on the development of projects in the Luzon and Visayas regions.
NAC Chairman and CEO Martin Antonio G Zamora said, “The joint venture has the full support of EPI’s parent company, NAC.
“This partnership would allow the two companies to boost the supply of renewable energy in the Philippines and is in line with NAC’s vision to become the premier environmental, social and governance (ESG) investment in the country.”
Last month, Shell announced the launch of Shell Energy Solutions, a green energy company created to serve the US residential electricity market.