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 owned 65% by TotalEnergies and 35% by Nextnorth. TotalEnergies said the plant will be operational by the end of 2027 and is projected to produce 13.5 TWh over 20 years.
Financing was provided by three international banks – Sumitomo Mitsui Banking Corp., ING Bank N.V., and Standard Chartered – with TotalEnergies putting the project cost at approximately $300 million. The company described the package as the largest international financing for a solar project in the Philippines to date.
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, serving commercial and industrial customers seeking to reduce their emissions. The remaining production will be sold to the national grid under the fourth round of the Philippines government's Green Energy Auction Program (GEAP), the company said.
Olivier Jouny, SVP Renewables at TotalEnergies, said the project forms part of a 9 GW renewables portfolio 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 drivers for domestic renewable development. Nextnorth was founded in 2022 and has more than 800 MW of capacity in active development and construction.
TotalEnergies held almost 36 GW of gross renewable power generation capacity as of the end of April 2026.
The project comes as the Philippines expands its GEAP, increasing allocations under the fourth round and continuing to award large volumes of solar capacity in earlier solar auction rounds. Recent auctions have been heavily oversubscribed, reflecting strong developer interest, while new project activity – including Peak Energy’s 65 MWp solar installation – has contributed to the country adding 899 MW of solar in 2025.
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