TotalEnergies and its partner Nextnorth have reached financial close and begun construction of a 440-megawatt peak (MWp) solar power plant in Ilagan City, Isabela.
The project, owned 65 percent by TotalEnergies and 35 percent by Nextnorth, is expected to be completed and operational by the end of 2027. Once running, the facility is projected to generate 13.5 terawatt-hours (TWh) of electricity over 20 years.
More than half of the plant’s output will be sold through long-term agreements with retail electricity suppliers AdventEnergy and PrimeRES, serving commercial and industrial customers aiming to reduce carbon emissions. The remaining electricity will be supplied to the national grid under the government’s Green Energy Auction Program Round 4.
The US$300 million project is financed by Sumitomo Mitsui Banking Corporation, ING Bank NV, and Standard Chartered, marking the largest international financing deal for a solar project in the Philippines so far.
Company officials said the project will help boost renewable energy capacity, improve energy security, and support the country’s transition to cleaner power sources.
