TotalEnergies and Nextnorth Reach Financial Close and Start Construction of a 440 MW Solar Project

TotalEnergies, together with its partner Nextnorth, announced that it reached financial close and started the construction of a 440 MWp solar power plant located in the City of Ilagan, Province of Isabela, Philippines.

The project, held by TotalEnergies with a 65% stake and Nextnorth with 35%, is expected to be operational by the end of 2027. Once commissioned, it is projected to generate around 13.5 TWh of electricity over 20 years. Over half of this output will be supplied through long-term offtake agreements to retail electricity providers, including AdventEnergy and PrimeRES, serving commercial and industrial customers aiming to reduce their carbon footprint. The remaining electricity will be delivered to the national grid under its allocation from Round 4 of the Philippines’ Green Energy Auction Program.

With a total cost of approximately US$300 million, the project is financed by 3 international banks, Sumitomo Mitsui Banking Corporation (SMBC), ING Bank NV (ING), and Standard Chartered (SCB). It is the largest international financing for a solar project in the Philippines to date.