TotalEnergies and Nextnorth begin construction of 440 MW solar plant in Philippines
- TotalEnergies (65%) and Nextnorth (35%) reached financial close and started construction of a 440 MWp solar plant in Ilagan, Isabela.
- Project cost ≈ $300 million, financed by Sumitomo Mitsui Banking Corporation, ING Bank and Standard Chartered as the largest international solar financing in the Philippines to date.
- The plant is due online by end-2027 and will produce about 13.5 TWh over 20 years.
- Over 50% of output is contracted to AdventEnergy and PrimeRES for commercial and industrial users, with the remainder sold to the national grid via the government's Round 4 Green Energy Auction.
Project overview
TotalEnergies (65%) and Nextnorth (35%) reached financial close and began construction of a 440 MWp solar plant in the City of Ilagan, Province of Isabela, with commercial operation targeted by end-2027.
Capacity and output
The plant is sized at 440 MWp and is expected to produce about 13.5 TWh over 20 years.
Offtake and market
More than half of generation is contracted under long-term offtake agreements with AdventEnergy and PrimeRES for commercial and industrial customers; the remaining output will be sold to the national grid via the government’s Round 4 Green Energy Auction Program.
Financing
The project cost is approximately $300 million and is financed by Sumitomo Mitsui Banking Corporation, ING Bank NV and Standard Chartered, constituting the largest international financing for a solar project in the Philippines to date.
Source: TotalEnergies