FRENCH ENERGY FIRM TotalEnergies and native renewable energy developer Nextnorth said they’ve reached financial close for a $300-million (P18.44-billion) solar project in Isabela.
In a press release on Tuesday, TotalEnergies said the project involves a 440-megawatt-peak solar energy plant.
Greater than half of the plant’s output might be sold under long-term offtake agreements with retail electricity suppliers AdventEnergy and PrimeRES, which serve business and industrial users.
The remaining output might be supplied to the national grid under the project’s award within the fourth round of the federal government’s green energy auction program.
The project is financed by Sumitomo Mitsui Banking Corp., ING Bank NV, and Standard Chartered.
TotalEnergies said the project represents the most important international financing for a solar development within the Philippines thus far.
Olivier Jouny, senior vice-president for renewables at TotalEnergies, said the project will contribute to the corporate’s 9-gigawatt renewable energy portfolio being developed with Masdar through a 50-50 three way partnership across nine Asian countries.
“With rising demand and continued exposure to imported fuels, the country needs domestic, scalable, and bankable renewable capability,” Nextnorth President and Chief Executive Officer Miguel Mapa said.
TotalEnergies is an integrated energy company that produces and markets oil, biofuels, natural gas, biogas, low-carbon hydrogen, and electricity from renewable sources.
Nextnorth is a Philippines-focused renewable energy developer with a pipeline of greater than 800 megawatts of projects under development and construction. — Sheldeen Joy Talavera