EMERGING POWER, INC. (EPI), the renewable energy (RE) subsidiary of listed mining firm Nickel Asia Corp. (NAC), is progressing toward its 1-gigawatt (GW) RE target by 2030 through the ongoing development of its pipeline projects.
Among EPI’s projects is the development of a 145-megawatt-peak (MWp) solar power project in Zambales.
In a stock exchange disclosure on Wednesday, NAC said its board of directors approved the advancement of P710 million to Northern Palawan Power Generation Corp. (NPPGC), a subsidiary of EPI and the developer of the Cawag solar project.
The project is targeted to be energized in the latter part of 2026.
NPPGC is primarily engaged in the renewable energy business and in the production and generation of electricity, as well as in the processing of alternative fuels for power generation.
NAC said EPI has also commenced pre-development activities for a 50-MWp solar project in Nazareno, Bataan, with construction expected to begin before yearend.
Greenlight Renewables Holdings, Inc. (GRHI), EPI’s joint venture with Shell Overseas Investments B.V., is set to complete Phase 1 of its San Isidro solar power project in Leyte.
Energization is targeted to take place by the fourth quarter of this year, delivering 120 MWp of electricity.
GRHI is also gearing up to begin construction of Phase 1 of the Botocan solar project in Zambales by the fourth quarter of the year. Commercial operations are scheduled in the second half of 2026, with an initial capacity of 45 MWp.
EPI aims to achieve a 1-GW renewable energy capacity by 2028. By year-end, the company expects its total installed capacity to reach approximately 300 MWp.
For the first six months of the year, NAC saw its attributable net income rise by 88% year on year to P2.1 billion, due to higher export prices for saprolite ore.
From January to June, revenues from saprolite and limonite ore increased by 36% to P10.59 billion.
Operating mines sold a combined 7.85 million wet metric tons (WMT) of nickel ore, a 4% decline due to unfavorable weather conditions.
The weighted average ore price rose 44% to $23.87 per WMT. Operating mines realized P56.47 per dollar from ore sales, 2% lower compared to last year.
Exports of saprolite and limonite ore totaled 3.92 million WMT at an average price of $38.31 per WMT, a 75% increase compared to the 4.23 million WMT at $21.95 per WMT last year.
Deliveries of limonite ore to the Coral Bay and Taganito high-pressure acid leach plants amounted to 3.93 million WMT at an average realized price of $6.96 per pound of payable nickel, equivalent to $9.43 per WMT. This compares to last year’s prices of $7.94 per pound and $10.84 per WMT, respectively.
“We expect the recovery in nickel ore prices to continue, supported by tight supply and steady demand from Indonesia, and the ongoing implementation of mining policies in the country,” said NAC President and Chief Executive Officer Martin Antonio G. Zamora.
“With improving weather conditions at our mine sites and the ramp-up of shipments from Manicani, we are well positioned to deliver strong results in the second half of the year.”
Mr. Zamora expects an uplift in the mining firm’s performance this year, supported by the upward trend in nickel exports, the momentum in operations at Manicani, and the nearing completion of the Leyte solar project. — Sheldeen Joy Talavera
