Nexif Ratch Energy Investments Private Limited (NREI), a joint venture comprising Nexif Energy and Ratch Group, has commenced construction on a 75 MWp ground-mount solar project in the Philippines. Works on the renewable energy project will be carried out by Calabanga Renewable Energy Incorporated, a subsidiary of NREI, and will last till Q2 of 2024.
The project will be financed by a loan from Security Bank Corporation.
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 remainder of the generated electricity will be sold on the Wholesale Electricity Spot Market or via direct short-term contracts with commercial and contestable customers.