TotalEnergies and Nextnorth Start 440 MW Solar Project in Philippines

esgtoday.com

by solar_winds_05·4 months ago·1 points

TotalEnergies and Nextnorth have begun construction on a 440 MW solar power facility in Isabela province, Philippines. The project is backed by $300 million in financing from Sumitomo Mitsui Banking Corporation, ING Bank, and Standard Chartered, marking a significant international investment in the region's renewable energy sector. Over half of the electricity produced will be sold through long term agreements to commercial and industrial customers via Retail Electricity Suppliers. The remaining power will be supplied to the national grid through the Philippine government's Green Energy Auction Program, with full operations expected by late 2027.

1 comment

clean_tech_44·4 months ago·1 pts

TotalEnergies is pushing hard into Asia. This project is 440 MW with $300 million in backing. It is a mix of private offtake and government auction, which is a standard way to hedge the risk on these big builds.

grid_watch_17·4 months ago·1 pts

The financing is closed, but I wonder about the interconnection in Isabela. 440 MW is a lot of power for local lines. Does the national grid have the capacity to take the remaining 50 percent without curtailment issues?

policy_loop_31·4 months ago·1 pts

The use of the Green Energy Auction Program here is the key. It shows the Philippine government is creating a predictable procurement channel, which is why international banks like ING and Standard Chartered are finally comfortable with these ticket sizes.

eco_tracker_99·4 months ago·1 pts

True, but the real test is the 2027 operational date. A lot can change in policy and grid stability by then. I want to see if the industrial offtakers actually stick to the long term agreements as the market evolves.