Greenlight Holdings Inc. (GRHI), a joint venture between Emerging Power Inc. (EPI) and Shell Overseas Investments BV (SOIBV), has successfully 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 Corporation (China Bank) and Security Bank Corporation (Security Bank). Located in Brgy. 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 confirmed that Phase 1 began energization in October 2025 and is currently supplying power to its offtaker, Shell Energy Philippines.
- June 2026: Target 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.”
L-R (Bottom Row): Juan Paolo Colet, China Bank Capital Managing Director and Head of Execution; Arsenio Kenneth Ona, RCBC Capital President and CEO; Lilian Yu, China Bank Executive Vice President, Institutional Banking Head; Martin Antonio Zamora, NAC President and CEO; Maria Patricia Riingen, NAC Vice Chairman and GRHI Chairman; John Cary Ong, Security Bank Executive Vice President and Segment Head – Wholesale Banking; Darlene Arguelles, GRHI President and CEO; Virgilio Chua, Security Bank Capital President and CEO; John Robert Camalig, Security Bank Trust Lawyer; and Josh Carlo Samson, Security Bank Trust – Other Fiduciary Services Department Head.
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 stated. “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 this transaction marks a significant milestone: “This is our first project finance transaction with Nickel Asia and Shell. We are optimistic about a long-term partnership as EPI and Shell target one gigawatt of renewable energy capacity in the country by 2028.”
Transaction Partners
The successful closing of this facility involved several key advisors and partners:
- Financial Advisor & Mandated Lead Arranger: RCBC Capital Corporation
- Co-Lead Arrangers: China Bank Capital Corporation and Security Bank Capital Investment Corporation
- Facility Agent & Security Trustee: Security Bank Corporation (Trust and Asset Management Group)
- Legal Counsel: Romulo Mabanta Buenaventura Sayoc & De Los Angeles (Lenders); Martinez Vergara & Gonzalez Sociedad (Borrower)
- Technical & Insurance Advisors: Black & Veatch; Marsh Philippines Inc.
*The computation is based on the rough estimate of average monthly household electricity consumption of 200 kWh as provided by Meralco.
