Emerging Power Inc., the renewable energy subsidiary of Nickel Asia Corp. (NAC), and Shell Overseas Investments B.V. approved an authorized capital stock of P8.5 billion for their joint venture into renewable energy.
NAC disclosed to the Philippine Stock Exchange on Thursday the investment company would 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, respectively, of the initial capitalization of the investment company.
NAC, which holds an 86.29 percent equity in EPI, last week announced the joint venture with Netherlands-based Shell, which will pursue renewable energy projects in the country. EPI and Shell will have representatives on the investment company’s board in proportion to their equity ownership.
“The joint venture has the full support of EPI’s parent company, NAC. This partnership 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 investment in the country,” said NAC president and CEO Martin Antonio Zamora earlier.