TotalEnergies and Nextnorth Achieve Financial Close, Begin Construction of 440 MW Solar Project in Philippines

TotalEnergies and Philippines-based renewable energy developer Nextnorth have reached financial close and commenced construction of a 440 MWp solar power project in the Ilagan, Isabela Province, marking a major addition to the country’s renewable energy capacity.

The project, owned by TotalEnergies (65%) and Nextnorth (35%), is scheduled to become operational by the end of 2027. Once commissioned, the solar facility is expected to generate 13.5 TWh of electricity over a 20-year period, supporting the Philippines’ renewable energy expansion and decarbonization goals.

More than half of the electricity generated from the project will be supplied under long-term offtake agreements with retail electricity suppliers AdventEnergy and PrimeRES, targeting commercial and industrial consumers seeking cleaner energy solutions. The remaining power output will be sold to the national grid under the Philippine government’s Green Energy Auction Program Round 4.

The project represents an investment of approximately $300 million and has secured financing from three international lenders: Sumitomo Mitsui Banking Corporation, ING Bank N.V., and Standard Chartered. According to the companies, it is the largest internationally financed solar project in the Philippines to date.

TotalEnergies said the project will contribute to its broader renewable energy strategy in Asia, including its 9 GW renewables portfolio under a joint venture with Masdar across nine Asian countries.

Nextnorth stated that the project will strengthen domestic renewable power generation in the Philippines, improve energy security, support job creation, and reduce dependence on imported fuels.

As of April 2026, TotalEnergies holds nearly 36 GW of gross renewable power generation capacity globally and aims to achieve more than 100 TWh of net electricity production by 2030.