Nexif Ratch Energy secures financial close for 74 MWp solar PV project in Calabanga

Nexif Ratch Energy has secured financial close and started the construction of its 74 MWp ground-mounted solar photovoltaic (PV) project located in Calabanga, Camarines Sur, South Luzon, Philippines. 

The Calabanga project is being implemented by our Philippines’ subsidiary, Calabanga Renewable Energy, Inc., and will sell about 85% of the generated energy through a power supply agreement with two subsidiaries of AboitizPower Corporation and the remaining in the Wholesale Electricity Spot Market or direct short-term contracts with commercial and contestable customers. The debt financing for the project is provided by Security Bank Corporation as Lender with SB Capital Investment Corporation acting as the Lead Arranger, to fund 70% of the project cost on a limited recourse basis.

The project construction will be undertaken via a lump-sum turn-key engineering, procurement, and construction contract with a consortium of PowerChina Huadong Engineering Co. Ltd and PowerChina Philippines Corporation. The construction of the project is expected to be completed by 2Q 2024, with commercial operations date commencing thereafter. PowerChina Philippines Corporation will conduct operations and maintenance activities of the Project for the initial two years from the start of commercial operations before transitioning their scope to the in-house operations team of NEXIF RATCH Energy.