Nextnorth ready to build $700-M war chest for PH expansion
Nextnorth Holdings Corp. is set for an aggressive expansion in the booming renewable energy market in the Philippines as it eyes a $700-million war chest to expand capacity over the next years.
Miguel Mapa, company founder and chief executive, told Inquirer that Nextnorth targets to scale up its renewable energy capacity to 1 gigawatt (GW) “over the next three to five years.”
Currently, the company has 472 megawatts (MW) of capacity under development, including a massive 440-MW solar power project in Ilagan City, Isabela.
Once operational, he said the P18-billion development could be “one of the largest single-phase solar projects in the country” that could generate 700 gigawatt-hours per year. Located on a 400-hectare of land, construction works are projected to run from this year to 2026.
Nextnorth is also developing the 32-MW Abuan Hydropower project in the same province.
“With our current project portfolio, we are nearly halfway there, but there is still considerable work ahead to achieve our target,” Mapa said.
He said more than $300 million was earmarked to finance the development of the Isabela solar project. An additional funding boost amounting to $400 million may still be needed to build another 560 MW.
“To reach our 1 GW target, we hope to mobilize an additional $400 million for the development of future projects, primarily in solar power,” the official said.
