San Isidro Solar Power Corp. has secured a P9.36-billion project finance facility from two banks to support the construction of a large-scale solar power plant in Leyte, a development expected to boost renewable energy supply and help ease the burden of rising electricity costs on consumers.
The company signed the financing agreement with China Banking Corp. and Security Bank Corp., while RCBC Capital Corp. served as the lead arranger for the facility.
San Isidro Solar Power Corp. is a subsidiary of Greenlight Renewables Energy Holdings Inc., a joint venture between Shell Overseas Investments B.V. and Emerging Power Inc. (EPI). EPI serves as the renewable energy arm of Nickel Asia Corp.
The project involves the development of the 120-megawatt-peak (MWp) San Isidro Solar Plant in Leyte. EPI said the first phase of the facility is expected to begin commercial operations by the second quarter of 2025.
A second phase of the project is targeted for completion by the first quarter of 2027 and will add another 120 MWp of generating capacity.
Industry experts said the additional renewable energy capacity could help improve power supply in the Visayas grid, particularly during the summer months when electricity demand typically rises due to higher temperatures and increased use of cooling appliances.
The additional solar capacity is also expected to contribute to stabilizing electricity supply and potentially easing pressure on power prices, which consumers often feel during periods of tight supply and increased demand.
In November 2025, Shell Energy Philippines Inc. signed a 15-year power supply agreement with Greenlight to purchase 120 MWp of electricity from the project’s first phase, ensuring a stable market for the plant’s output once it begins operations.
The San Isidro solar project forms part of ongong efforts to expand the country’s renewable energy capacity while helping address the growing demand for reliable and affordable electricity.