TotalEnergies And Nextnorth Secure Financing And Begin Construction Of 440 MW Solar Plant In Isabela

TotalEnergies, in partnership with Nextnorth, a renewable energy developer based in the Philippines, has reached financial close and begun construction of a 440 MWp solar power plant in the City of Ilagan, Province of Isabela. The project, which is owned by TotalEnergies with a 65 percent stake and Nextnorth with 35 percent, is scheduled to begin operations by the end of 2027.

Over its first 20 years of operation, the plant is expected to generate 13.5 TWh of clean electricity. More than half of its output will be supplied through long-term offtake agreements with AdventEnergy and PrimeRES, two Retail Electricity Suppliers that will distribute the power to commercial and industrial customers seeking to decarbonize their operations.

The remaining electricity will be delivered to the national grid under an award secured through Round 4 of the Philippine Government’s Green Energy Auction Program.The project involves an investment of approximately $300 million and is being financed by three major international banks: Sumitomo Mitsui Banking Corporation (SMBC), ING Bank NV, and Standard Chartered Bank.

This represents the largest international financing package to date for a solar energy project in the Philippines, marking a significant step forward in mobilizing global capital for the country’s renewable energy transition.Olivier Jouny, Senior Vice President for Renewables at TotalEnergies, stated that the start of construction reflects a strong partnership with Nextnorth and contributes directly to the Philippines’ goal of increasing renewable energy in its national power mix.

He also noted that the 440 MW project will add to the 9 GW renewable energy portfolio TotalEnergies is developing jointly with Masdar across nine countries in Asia.Nextnorth President and CEO Miguel Mapa emphasized that expanding domestic renewable energy capacity is critical for the Philippines, especially amid growing energy demand and continued dependence on imported fuel. He highlighted that the project will help deliver clean and reliable electricity, support local communities, generate jobs, and advance the country’s long-term goal of greater energy independence.