TotalEnergies and Nextnorth have secured financing for a 440 MWp solar photovoltaic project in the Philippines. The project will be developed in Ilagan, Isabela province, with a total investment of around USD 300 million. TotalEnergies holds a 65 per cent stake in the project, while Nextnorth owns the remaining 35 per cent. The project has secured financing from Sumitomo Mitsui Banking Corporation, ING Bank NV and Standard Chartered. It is expected to be commissioned by the end of 2027. More than 50 per cent of the electricity generated will be supplied to commercial and industrial consumers under long-term offtake agreements with AdventEnergy and PrimeRES, while the remaining power will be supplied to the national grid under a contract awarded through Round 4 of the Philippine government’s Green Energy Auction Programme.
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