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Shell Overseas Investments B.V., a unit of Shell plc has signed an agreement with the Philippines' Emerging Power Inc for an initial 1 gigawatt renewable energy project tapping solar, the companies said on Friday.

Shell and Emerging Power, the energy unit of top Philippine nickel ore miner Nickel Asia Corp (NIKL.PS), said their venture is targeting 2028 completion and is scalable up to 3 GW.

The focus is on solar but they said opportunities in onshore wind and energy storage systems were also being evaluated. A 1 GW capacity can supply the annual daytime consumption of more than 1.2 million Philippine homes, they said in a statement.

London-based Shell, which aims to become a net zero greenhouse gas emissions company by 2050, currently has 4.7 GW of renewable energy generation capacity globally in operation, under construction or committed to sale.

Shell, which has agreed to sell its 45% stake in the Philippines' Malampaya natural gas project, has a further pipeline of 38 GW in future renewable energy ventures.

[Enrico Dela Cruz]

More: Shell, Philippine partner to build 1 GW renewable energy capacity

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