Nexif Ratch Energy starts construction on 74 MW solar project in the Philippines

Nexif Ratch Energy Investments Private Limited (NREI), a joint venture comprising Nexif Energy of Singapore and Ratch Group of Thailand, has commenced construction on a 74 MWp ground-mount solar project in Calabanga, Camarines Sur, South Luzon, Philippines.

Works on the renewable energy project will be carried out by Calabanga Renewable Energy Incorporated, a subsidiary of NREI, and is expected to be completed by second quarter of 2024. The project will be financed by a loan from Security Bank Corporation with SB Capital Investment Corporation acting as the lead arranger, to fund 70 per cent of the project cost on a limited recourse basis. Once operational, around 85 per cent of the plant’s output will be supplied to AP Renewables Incorporated and Adventenergy Incorporated, units of AboitizPower Corporation. The remaining electricity will be sold on the wholesale electricity spot market or via direct short-term contracts with commercial and contestable customers.