Nexif Ratch Energy (NRE) has commenced construction on a 145 MWp solar farm near Bacolod on Negros Island in the Philippines. This project, valued at USD100 million, recently reached a financial close and is expected to begin operations by Q4 2025.
Most of the energy produced by the Bacolod Solar Farm will be sold to local power provider Aboitiz Power Corporation under a 10-year power purchase agreement (PPA). The rest will be sold on the wholesale electricity market in the Philippines. The project is funded through equity from NRE and credit from Security Bank Corporation and Philippine National Bank, with SB Capital Investment Corporation and PNB Capital handling financing arrangements.
This is NRE’s second solar project in the Philippines, following the 74 MWp Calabanga project, which began commercial operations in August 2025. NRE aims to increase the share of renewable energy by 35 per cent in the energy mix by 2030 and 50 per cent by 2040.