TotalEnergies and Nextnorth have reached financial close and commenced construction of a 440 MWp solar power project in Ilagan, marking one of the country’s largest internationally financed solar developments.
The project, located in Isabela province, is expected to be operational by the end of 2027. Once completed, it will generate approximately 13.5 TWh of electricity over 20 years, with more than half of the output secured under long-term agreements with retail electricity suppliers for commercial and industrial users. The remaining capacity will be supplied to the national grid under the government’s Green Energy Auction Program.
With an estimated investment of around USD300 million, the project is financed by international lenders including Sumitomo Mitsui Banking Corporation, ING Bank and Standard Chartered. It represents the largest international financing package for a solar project in the Philippines to date.