SAN Isidro Solar Power Corp. signed a P9.36-billion project finance facility agreement with two banks to fund the construction of a solar plant in Leyte.

The company 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.

San Isidro Solar secured the financing from China Banking Corp. and Security Bank Corp. RCBC Capital Corp. acted as the lead arranger for the facility.

EPI expects Greenlight to begin commercial operations of the 120-megawatt-peak San Isidro solar plant by the second quarter of 2025. A second phase is scheduled for completion by the first quarter of 2027 and will provide an additional 120-megawatt-peak capacity.

Shell Energy Philippines Inc. signed a 15-year power supply agreement with Greenlight in November 2025 to purchase 120 MWp of electricity from the first phase of the project.