TotalEnergies and Nextnorth have reached financial close and started construction of a 440MWp solar project in the Philippines.
The companies said the plant in Ilagan, Isabela province is owned 65% by TotalEnergies and 35% by Nextnorth and is due online by the end of 2027.
They added the project will produce 13.5TWh over 20 years, with more than 50% sold under long-term agreements to AdventEnergy and PrimeRES.
TotalEnergies and Nextnorth noted the remaining output will be sold to the national grid under the government’s Green Energy Auction Program Round 4.
The companies said the project has a total cost of about $300 million and is financed by Sumitomo Mitsui Banking Corporation, ING Bank and Standard Chartered.
“We are delighted with our partner Nextnorth to start the construction of this major solar project in Philippines, thereby contributing to the country’s goal of increasing renewables in its generation energy mix,” said Olivier Jouny, svp renewables at TotalEnergies.
“These 440 MW will contribute to the 9 GW renewables portfolio that we are combining with Masdar through a 50/50 joint venture across nine Asian countries.”
“Energy security has never been more relevant for the Philippines than it is today,” said Miguel Mapa, president and ceo of Nextnorth.
“Working alongside TotalEnergies, we are delivering clean, reliable power that supports communities, creates jobs, and advances the Philippines’ transition toward a more energy independent future.”