Norton Rose Fulbright has advised lenders on the financing of a 440MWp solar project in the Philippines developed by TotalEnergies and Nextnorth.
The law firm said the project, located in Ilagan City in Isabela province, has reached financial close and construction has started.
It added that the project is expected to be fully operational by the end of 2027.
The approximately US$300m financing is being provided by ING Bank N.V., Sumitomo Mitsui Banking Corporation and Standard Chartered.
More than half of the project’s output will be contracted under long-term power supply agreements with AdventEnergy and PrimeRES.
The remaining electricity will be sold into the national grid under Round 4 of the Green Energy Auction Program.
“This transaction marks a major milestone for the Philippines renewables market. The innovative blended offtake structure demonstrates the growing sophistication and bankability of large-scale renewable projects in the country,” said Ben Carrozzi, partner at Norton Rose Fulbright.
“It underscores strong international lender confidence and reinforces the Philippines’ position as one of the most compelling renewable investment destinations in Southeast Asia.”