Energy firm TotalEnergies and Philippine renewable developer Nextnorth have reached financial close and started construction of a 440-megawatt peak solar power project in Ilagan City, Isabela.
The project is jointly owned by TotalEnergies with a 65 percent stake and Nextnorth with 35 percent, and is targeted for completion by the end of 2027.
Once operational, the solar facility is expected to generate about 13.5 terawatt-hours of electricity over a 20-year period, contributing to renewable energy supply in the country.
More than half of the output has been secured through long-term agreements with retail electricity suppliers AdventEnergy and PrimeRES, which serve commercial and industrial customers aiming to reduce emissions.
The remaining electricity will be delivered to the national grid through the government’s Green Energy Auction Program under Round 4.
The project carries an estimated cost of around $300 million and is backed by financing from Sumitomo Mitsui Banking Corporation, ING Bank NV, and Standard Chartered, making it the largest foreign-backed solar financing deal in the Philippines so far.
TotalEnergies said the project formed part of its broader renewable expansion strategy in Asia, noting its partnership with Nextnorth and its wider portfolio across multiple countries.
Nextnorth said the project underscored the importance of expanding domestic renewable capacity to improve energy security, support economic activity, and advance the country’s transition toward cleaner power sources.