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AL CIRCLE

TotalEnergies and Nextnorth move ahead with major solar project in the Philippines

EDITED BY : 2MINS READ

solar

TotalEnegries and Philippine renewable energy developer Nexnorth have started construction after reaching financial close for a large-scale solar project in Isabela Province.

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The project is planned to have a capacity of 440 MWp and is expected to start operations by the end of 2027. TotalEnergies holds a 65 per cent stake while Nextnorth holds the remaining 35 per cent.

Also read: With renewable energy set to power 45% of global electricity, led by China, Europe, US, India, where do aluminium industries stand?

The facility is expected to generate around 13.5 TWh of electricity for a period of 20 years, and this will contribute to the Philippines’ renewable energy targets of reducing dependency on fossil fuels. 

A significant portion of the output has already been tied to long-term supply agreements. More than half of the electricity will go to retail suppliers AdventEnergy and PrimeRES, which serve commercial and industrial customers looking for cleaner power sources. The remaining generation will be sold into the national grid through the government’s Green Energy Auction Program Round 4.

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The development carries an estimated investment value of around USD 300 million. Financing has been arranged through a group of international lenders that includes Sumitomo Mitsui Banking Corporation, ING Bank and Standard Chartered.

According to the companies involved, this is currently the largest solar project in the Philippines to secure international financing.

For TotalEnergies, the project adds to its expanding renewables portfolio in Asia, where the company has been building out capacity through multiple partnerships, including its regional venture with Masdar. Nextnorth, meanwhile, said the project is expected to support local power supply, energy security and employment while helping reduce reliance on imported fuel sources.

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