TotalEnergies, Nextnorth reach financial close and start project construction

TotalEnergies (TTE), together with its partner Nextnorth, announced that they reached financial close and started the construction of a 440 MWp solar power plant. Located in the City of Ilagan, Province of Isabela, the project owned by TotalEnergies and Nextnorth, will be operational by the end of 2027. Once operational, it will produce 13.5 TWh over 20 years. More than 50% of the project’s electricity will be sold under long-term offtake agreements with two retail electricity suppliers, AdventEnergy and PrimeRES, supplying commercial and industrial users seeking to decarbonize their operations. The remaining production will be sold to the national grid via its award under Round 4 of the Philippines Government’s Green Energy Auction Program. With a total cost of approximately $300M, the project is financed by three international banks, Sumitomo Mitsui Banking Corporation, ING Bank NV and Standard Chartered. It is the largest international financing for a solar project in the Philippines to date.