TotalEnergies secures $300-M solar park fund
French energy giant TotalEnergies has secured funds to pursue the development of its $300-million solar park in Isabela province.
TotalEnergies, working with local partner Nextnorth, said in a statement that it had reached financial close for the 440-megawatt-peak project in Ilagan City.
The project is backed by three international banks: Sumitomo Mitsui Banking Corp., ING Bank NV and Standard Chartered PLC.
TotalEnergies said that it was the biggest international financing yet for a solar asset.
“We are delighted with our partner Nextnorth to start the construction of this major solar project in the Philippines, thereby contributing to the country’s goal of increasing renewables in its generation energy mix,” said Olivier Jouny, senior vice president at TotalEnergies.
The two companies intend to make the Ilagan solar facility operational by the end of 2027.
More than half of its electricity output will be sold under long-term offtake agreements with retail electricity suppliers.
The remaining generated power, meanwhile, will be supplied to the national grid.
TotalEnergies and Nextnorth won the project through the fourth round of the green energy auction program.
Jouny said the solar park will boost its 9,000-megawatt (MW) renewables portfolio. This is being developed with Masdar—also known as Abu Dhabi Future Energy Co.—through a 50-50 joint venture across Asia.
“With rising demand and continued exposure to imported fuels, the country needs domestic, scalable and bankable renewable capacity,” said Miguel Mapa, president and CEO of Nextnorth.
TotalEnergies controls a 65 percent stake in the project, while Nextnorth holds 35 percent.
The French firm’s renewables assets include solar, onshore and offshore wind.
As of end-April, it has nearly 36,000 MW of renewable power generation capacity.
Nextnorth’s portfolio, meanwhile, involves 800 MW of renewables facilities that are under construction.
