TotalEnergies & Nextnorth Start $300 Million Solar Farm in Philippines
Major Investment in Philippine Renewable Energy
By America Hernandez
Project Launch and Financing
PARIS, April 30 - French oil major TotalEnergies and Philippine renewables developer Nextnorth have secured financing for a 440 megawatt-peak solar park in the Asian country and started construction, they said on Thursday.
Project Details and Timeline
The $300 million site is expected to come online by end-2027, and produce 1.2 terawatt-hours of electricity over 20 years. Half that amount will be sold to industrial clients, with the remainder going to the national grid as part of the country's fourth renewable tender round.
TotalEnergies’ Commitment to Renewables
Unlike other oil companies that have walked back their renewable commitments, Total has continued to expand its green portfolio, most recently by forming a joint venture with Emirati firm Masdar to develop wind, solar and batteries in Asian countries that are heavily dependent on imported natural gas.
Industry and National Impact
Addressing Philippine Energy Security
"Energy security has never been as crucial for the Philippines as it is today. Faced with rising demand and a heavy reliance on imported fuels, the country needs large-scale, affordable domestic renewable energy capacity," Nextnorth CEO Miguel Mapa said in a statement.
Key Financiers and Stakeholders
Financiers include Sumitomo Mitsui Banking Corporation, ING Bank NV and Standard Chartered .
Ownership Structure
TotalEnergies will place its 65% stake in the project into its renewable joint venture with Masdar, with Nextnorth holding 35%.
(Reporting by America Hernandez in Paris. Editing by Mark Potter)
