TotalEnergies and Philippines-based developer Nextnorth have started construction of a 440 MWp solar power plant in Isabela province after reaching financial close on $300 million in international bank financing.
International lenders have backed TotalEnergies and Nextnorth’s 440 MWp solar project in the Philippines, providing $300 million in financing for the plant now under construction.
The project, located in the city of Ilagan, Isabela province, is 65% owned by TotalEnergies and 35% by Nextnorth. TotalEnergies said the plant will be operational by the end of 2027 and is expected to produce 13.5 TWh over 20 years.
The financing was provided by three international banks – Sumitomo Mitsui Banking Corp., ING Bank NV and Standard Chartered – with TotalEnergies estimating the project cost at around $300 million. The company described the package as the largest international financing to date for a solar project in the Philippines.
TotalEnergies said more than 50% of the plant’s output will be sold under long-term offtake agreements with two retail electricity suppliers, AdventEnergy and PrimeRES, which serve commercial and industrial customers looking to reduce their emissions. The remaining production will be sold to the national grid under the fourth round of the Philippine government’s Green Energy Auction Program (GEAP), the company said.
Olivier Jouny, SVP Renewables at TotalEnergies, said the project is part of a 9 GW renewable energy portfolio that the company is combining with Abu Dhabi-based Masdar through a 50/50 joint venture across nine Asian countries. TotalEnergies and Masdar announced the $2.2 billion joint venture in April 2026.
Miguel Mapa, president and CEO of Nextnorth, said energy security has never been more relevant for the Philippines, citing rising demand and continued exposure to imported fuels as driving forces behind domestic renewable energy development. Nextnorth was founded in 2022 and has over 800 MW of capacity in active development and construction.
TotalEnergies had almost 36 GW of gross capacity for renewable energy generation at the end of April 2026.
The project comes as the Philippines expands its GEAP, increases allocations in the fourth round and continues to allocate large volumes of solar capacity in previous solar auction rounds. Recent auctions have been heavily oversubscribed, reflecting strong interest from developers, while new project activity – including Peak Energy’s 65 MWp solar facility – has helped the country add 899 MW of solar power by 2025.
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