KEY POINTS
- TotalEnergies has started construction of a $300 million, 440MW solar project in the Philippines.
- The project is backed by major international banks and is part of a wider renewable expansion strategy across Asia.
- It is expected to supply clean power from 2027 and support the Philippines’ transition to renewable energy.
TotalEnergies has officially started construction on a $300 million solar power project in the Philippines, marking another major expansion of its renewable energy portfolio.
The project is being developed in partnership with renewable energy firm Nextnorth and is backed by international financing from major lenders including Sumitomo Mitsui Banking Corporation, ING Bank, and Standard Chartered.
According to the companies, this is the largest international solar financing deal in the Philippines to date.
The new solar plant will have a generation capacity of 440 megawatts and is located in Ilagan, Isabela province.
Once completed, the facility is expected to produce approximately 13.5 terawatt-hours of electricity over a 20-year period, contributing significantly to the country’s renewable energy supply.
The project is designed to support the Philippines’ broader goal of increasing the share of renewables in its national energy mix and reducing reliance on fossil fuels.
Strong International Financing and Strategic Partnership
Funding for the project was secured through a consortium of global banks, reflecting strong investor confidence in large-scale renewable energy developments in Asia.
The project ownership is split between TotalEnergies (65%) and Nextnorth (35%).
This development follows a broader strategic agreement between TotalEnergies and Abu Dhabi-based Masdar, which recently formed a $2.2 billion joint venture to expand renewable energy projects across nine Asian countries, including the Philippines.
More than half of the electricity generated from the solar plant will be sold through long-term agreements with retail electricity providers AdventEnergy and PrimeRES.
These agreements will supply commercial and industrial users looking to reduce carbon emissions and transition to cleaner energy sources.
The remaining output will be fed into the national grid through the Philippines Government’s Green Energy Auction Program, ensuring broader access to renewable electricity.
