Insider spotlight
Why it mattersThe project underscores growing foreign investment in Philippine renewables as the country pushes to cut reliance on imported fuels and expand its clean energy mix.
It also reflects rising demand from businesses seeking lower-carbon power sources.
The details
The facility, owned 65 percent by TotalEnergies and 35 percent by Nextnorth, is expected to be operational by end-2027. Over a 20-year period, it will generate about 13.5 terawatt-hours of electricity.
More than half of its output will be sold through long-term agreements with Retail Electricity Suppliers AdventEnergy and PrimeRES, serving commercial and industrial customers.
The remainder will be dispatched to the national grid under the government’s Green Energy Auction Program Round 4 award.
The project, which information notes comes from a company release, carries an estimated cost of $300 million and is financed by Sumitomo Mitsui Banking Corp., ING Bank NV, and Standard Chartered. It is described as the largest international financing deal for a solar project in the Philippines to date.
Zoom out
The development aligns with the Philippines’ broader push to increase renewable capacity amid rising electricity demand and energy security concerns. Large-scale solar projects have gained traction as costs decline and policy support strengthens.
What they’re saying
"We are delighted with our partner Nextnorth to start the construction of this major solar project in the 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,” said Jouny.“Energy security has never been more relevant for the Philippines than it is today. With rising demand and continued exposure to imported fuels, the country needs domestic, scalable, and bankable renewable capacity,” said Miguel Mapa, president and CEO, 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,” Maps added.Bottom lineThe project signals accelerating momentum for utility-scale solar in the Philippines, backed by international capital and long-term demand from corporate energy buyers. —- Princess Daisy C. Ominga | Ed: Corrie S. Narisma
