Nickel Asia, Netherlands-based Shell form P8.5B JV to develop renewable projects in PH

The joint venture of Nickel Asia Corp.’s renewable energy subsidiary Emerging Power Inc. (EPI) and Shell Overseas Investments B.V. (Shell) have been initially capitalized at P8.5 billion.

The joint venture shall have an initial subscribed capital of P2 billion and a paid-up capital of P500 million.

EPI and Shell will initially subscribe to 60 percent and 40 percent of the initial capitalization of the investment company.

“The partnership between EPI and Shell would allow both companies to boost the supply of renewable energy in the Philippines and is in line with NAC’s vision to become the premier ESG (environmental, social, and governance) investment in the country,” NAC said in a regulatory filing.

The joint venture company shall pursue renewable energy projects in the Philippines.

EPI and Shell will work on the pre-development phase of potential renewable energy projects, including applications for service contracts with the Department of Energy and related permits and licenses from the Energy Regulatory Commission and other affiliated agencies.

“EPI, together with its parent company, NAC, and Shell have a shared vision of providing more reliable and sustainable energy for the Philippines and fully support the Department of Energy’s latest Philippine Energy Plan that aims to increase to 35 percent the share of renewables in the country’s power mix by 2030, and to 50 percent by 2040,” Nickel Asia said.

Recession in US ‘not inevitable’: Yellen

A recession in the US is “not inevitable,” Treasury Secretary Janet Yellen said Thursday, adding that she believes the world’s biggest economy is on the right track in lowering inflation.