TotalEnergies and Nextnorth reach financial close and start construction on 440MW solar project in the Philippines with $300m financing

TotalEnergies and Nextnorth have reached financial close and initiated construction on the 440MWp Ilagan Solar Project in Ilagan, Isabela province, Philippines, with TotalEnergies holding a 65% stake and Nextnorth owning 35%. The project, valued at approximately $300 million, is financed by a consortium including Sumitomo Mitsui Banking Corporation, ING Bank, and Standard Chartered, with long-term offtake agreements covering over 50% of output to AdventEnergy and PrimeRES. The remaining electricity will be sold to the Philippines' national grid under the government’s Green Energy Auction Program Round 4, with commercial operations expected by the end of 2027. The project is expected to generate 13.5TWh of clean energy over its 20-year lifespan, supporting the Philippines' renewable energy targets. Olivier Jouny, SVP of renewables at TotalEnergies, highlighted the project's alignment with the company's 9GW Asian renewables portfolio expansion alongside Masdar. Miguel Mapa, President and CEO of Nextnorth, emphasized the project's role in enhancing energy security and advancing the Philippines' transition to energy independence.

Counterparts (7)

Offtaker

AdventEnergy

company · 1 deals

Advent International focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. Advent International invests in well-positioned companies with operational and strategic improvement potential and seeks to create value through revenue and earnings growth.

P

PrimeRES

company · 1 deals

Lender

ING Bank NV

company · 1 deals

ING is a global financial institution with a strong focus on sustainable finance and infrastructure projects. They provide financing and advisory services across various sectors, including renewable energy, transportation, and digital infrastructure.

Sumitomo Mitsui Banking Corporation

company · 1 deals

Tokyo-headquartered global banking institution with $1 trillion in assets under management. Provides project finance and advisory services across energy transition sectors including battery storage and renewable energy infrastructure.

Standard Chartered

company · 6 deals

Standard Chartered is a leading international banking group with a presence in 53 markets, primarily focused on Asia, Africa, and the Middle East. The bank provides a full range of banking services, including corporate and institutional banking, project finance, and sustainable finance solutions, with a strong emphasis on infrastructure development.

Developer

TotalEnergies

company · 21 deals

TotalEnergies is a global integrated energy company that produces and markets energies. They provide energy that is more affordable, sustainable, reliable and accessible.

Partner

Nextnorth

company · 1 deals