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Manila Bulletin devider Business devider The Stock Market devider TotalEnergies lands biggest ever international loan for Philippine solar

TotalEnergies lands biggest ever international loan for Philippine solar

Published Apr 30, 2026 04:30 pm
TotalEnergies SE and local developer Nextnorth Energy have commenced construction on a 440-megawatt solar power plant in the north after securing what they described as the largest international financing package for a photovoltaic project in the country to date.
In a statement, TotalEnergies said the facility, located in Ilagan City, Isabela, is expected to cost approximately ₱17.2 billion ($300 million). The developers reached financial close for the project through a consortium of international lenders including Sumitomo Mitsui Banking Corp., ING Bank NV, and Standard Chartered Plc.
TotalEnergies holds a 65 percent stake in the venture, with Nextnorth retaining the remaining 35 percent.
The Isabela project is slated to begin commercial operations by the end of 2027. Over a projected 20-year lifespan, the plant is estimated to generate 13.5 terawatt-hours of electricity. The developers have already secured long-term offtake agreements for more than half of the plant's anticipated output with AdventEnergy and PrimeRES.
These retail electricity suppliers will provide the power to commercial and industrial clients aiming to reduce their carbon footprints. The remaining generation will be sold to the national grid under the terms of the Philippine government’s Green Energy Auction Program.
The announcement comes as the Philippines aggressively pursues a shift away from coal-fired power to bolster energy security and meet climate targets. The Department of Energy has sought to attract more foreign capital into the renewables sector by allowing 100 percent foreign ownership of solar, wind, and tidal projects.
Olivier Jouny, TotalEnergies senior vice president of renewables, said the 440-megawatt project will feed into a broader nine-gigawatt regional renewables portfolio the French energy giant is developing alongside Masdar through a 50-50 joint venture across nine Asian nations.
The company aims to reach 100 terawatt-hours of net electricity production globally by 2030.
For Nextnorth, a Philippine-based developer founded in 2022, the Isabela site represents a significant portion of its 800-megawatt development pipeline.
Miguel Mapa, Nextnorth, president and chief executive officer, said the project addresses the country's urgent need for domestic, scalable energy sources to mitigate exposure to volatile imported fuel prices.
The Philippines remains heavily reliant on imported coal and oil, making its power prices among the highest in Southeast Asia.

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