Nickel Asia's EPI, Shell Form Joint Venture

Nickel Asia Corporation (NAC) announced the formation of a joint venture between its renewable energy business, Emerging Power, Inc. (EPI), and Shell Overseas Investments B.V. (Shell), an investment company headquartered in the Netherlands.

Photo Insert: Signing the agreement were Thomas Brostrom, Shell Executive Vice-President, Renewable Generation, and Martin Antonio Zamora, EPI Chairperson. (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

EPI and Shell will establish an investment company in the Philippines to pursue renewable energy projects. EPI and Shell will each control 60 percent and 40 percent of the investment business, respectively.

EPI and Shell expect to start forming the investment business in early July 2022. Following that, EPI and Shell will collaborate on the pre-development phase of possible renewable energy projects, including applications for Department of Energy service contracts and necessary permits and licenses from the Energy Regulatory Commission and other connected agencies.

EPI, along with its parent company, NAC, and Shell, share a vision of providing more, reliable, and sustainable energy to the Philippines, and fully support the Department of Energy's latest Philippine Energy Plan, which aims to increase renewables' share of the country's power mix to 35% by 2030, and 50% by 2040.

The joint venture between EPI and Shell aims to contribute to the country's objective of adding 73.9 GW of renewable capacity over the next two decades.

NAC fully supports the collaboration, which will allow EPI and Shell to increase the supply of renewable energy in the Philippines and is in keeping with NAC's objective of being the country's preeminent ESG investment.

Shell's technical experience and integrated solutions as a global energy company, as well as EPI's strong presence in the Philippines, will be leveraged in this relationship. Shell and EPI can power progress in the Philippines by supplying sustainable energy to industry and residences.

The investment company's approved capital stock shall be Php8.5 billion. It would have a paid-up capital of Php500 million and an initial subscribed capital of Php2.0 billion. EPI and Shell will initially subscribe for 60% and 40% of the investment company's starting capitalization, respectively.

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