TotalEnergies and Philippines-based Nextnorth have reached financial close and commenced construction on a massive 440 megawatt peak (MWp) solar power plant in the Isabela Province, Philippines.
The project is a joint venture between TotalEnergies, which holds 65 per cent, and Nextnorth, which holds the remaining 35 per cent.
With a total investment cost of approximately US$300 million (AU$460 million), the development has secured the largest international financing for a solar project in the Philippines to date, backed by major lenders Sumitomo Mitsui Banking Corporation (SMBC), ING Bank, and Standard Chartered.
Scheduled to become operational by the end of 2027, the plant is expected to produce 13.5 terrawatt per hour (TWh) of clean energy over its 20-year lifespan.
The project’s commercial viability is underpinned by long-term offtake agreements with AdventEnergy and PrimeRES, which will supply more than half of the generated power to commercial and industrial users looking to decarbonise their operations.
The remaining electricity will be fed into the national grid via the Philippines Government’s Green Energy Auction Program.
“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.
“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 Olivier Jouny, SVP Renewables at TotalEnergies.
Nextnorth CEO Miguel Mapa emphasised the project’s role in strengthening national energy security.
“With rising demand and continued exposure to imported fuels, the country needs domestic, scalable, and bankable renewable capacity,” Mapa said.
“We are delivering clean, reliable power that supports communities and advances the Philippines’ transition toward a more energy-independent future.”
The project forms part of TotalEnergies’ ambitious global goal to produce over 100 TWh of net electricity by 2030, leveraging a mix of solar, wind, and storage assets to deliver clean, firm power to its customers.