Philippines, Ilagan City: TotalEnergies and Nextnorth have started construction on a 440 MW solar power project in the Philippines after reaching financial close. The plant, located in Ilagan City in Isabela province, is owned 65 % by TotalEnergies and 35 % by Nextnorth, and is expected to be operational by late 2027.
With an estimated cost of $300 M, it is the largest internationally financed solar development in the country so far. More than half of the electricity generated will be sold through long-term agreements to retail suppliers AdventEnergy and PrimeRES, supporting commercial and industrial customers aiming to cut carbon emissions.
The remaining output will be delivered to the national grid under Round 4 of the Philippines’ Green Energy Auction Programme. Over 20 years, the facility is projected to produce around 13.5 TWh of electricity, contributing to the country’s renewable energy expansion.
Olivier Jouny, SVP Renewables at TotalEnergies, said the project aligns with the company’s wider ambitions in Asia, including a joint venture with Masdar targeting a combined 9 GW renewable portfolio across nine countries.
The project is financed by a group of banks including Sumitomo Mitsui Banking Corporation, ING Bank and Standard Chartered.
Nextnorth, founded in 2022 and based in Metro Manila, manages over 800 MW of clean energy assets. CEO Miguel Mapa highlighted the project’s role in boosting energy security and reducing reliance on imported fuels.
Source: Middle East Utilities
