French energy giant TotalEnergies, in partnership with local firm Nextnorth, has successfully reached financial close for a $300-million solar park project located in Ilagan City, Isabela. The 440-megawatt-peak (MWp) facility is being hailed as the largest international financing deal for a solar asset in the Philippines to date.
The massive project is supported by a consortium of international financial institutions, including Standard Chartered PLC, ING Bank NV, and Sumitomo Mitsui Banking Corp. This funding milestone allows the partners to move forward with the construction phase, aiming for the facility to be fully operational by the end of 2027.
Olivier Jouny, Senior Vice President at TotalEnergies, expressed enthusiasm for the project, noting its vital role in supporting the Philippines’ transition toward a higher share of renewable energy in its national power mix. TotalEnergies holds a 65 percent majority stake in the venture, with Nextnorth controlling the remaining 35 percent.
Strategically, the Ilagan solar park is designed to address the country’s growing energy needs while reducing reliance on imported fuels. More than half of the electricity generated by the plant will be distributed through long-term offtake agreements with retail electricity suppliers, while the rest will be funneled directly into the national grid.
The project was secured during the fourth round of the government’s Green Energy Auction Program (GEAP). It also forms part of a broader 50-50 joint venture between TotalEnergies and Masdar (Abu Dhabi Future Energy Co.) aimed at expanding renewable energy footprints across Asia. Nextnorth CEO Miguel Mapa emphasized that the project provides a scalable and bankable solution to the country’s increasing power demand.
