Energy major TotalEnergies and renewable energy developer Nextnorth have reached financial close and commenced construction of a 440MWp solar power plant in Ilagan City, Isabela, in a project valued at approximately $300 million (approximately €252 million).

As reported by Asian Power, the facility is jointly owned by TotalEnergies, which holds a 65% stake, and Nextnorth, which holds the remaining 35%. Construction is under way with completion and commercial operations targeted by the end of 2027. Once operational, the plant is projected to generate around 13.5 TWh of electricity over 20 years.

More than half of the output has been secured under long-term agreements with AdventEnergy and PrimeRES, supplying commercial and industrial users. The remaining generation will be directed to the national grid under Round 4 of the Philippines' Green Energy Auction Program.

The project is financed by SMBC, ING Bank NV, and Standard Chartered Bank, making it the largest international financing arrangement for a solar project in the Philippines to date.

TotalEnergies said the project advances its renewable energy expansion across Asia, while Nextnorth said the development will improve national energy security, increase domestic clean power supply, and support the Philippines' broader energy transition.

The Philippines has set a target of 35% renewable energy in its power mix by 2030, rising to 50% by 2040. Solar capacity has grown rapidly in recent years, with utility-scale project development accelerating as international financing and long-term offtake frameworks become more established across the market.

Get the full picture on the TotalEnergies and Nextnorth solar project and its significance for Philippine renewable energy in the full report.