Global energy firm TotalEnergies and local developer Nextnorth have reached financial close and begun construction of a 440-megawatt peak (MWp) solar power project in Isabela, marking one of the largest foreign-funded renewable energy investments in the country to date.

The utility-scale solar facility will be located in Ilagan City and is targeted for completion by end-2027. TotalEnergies holds a 65% stake in the project, while Nextnorth owns the remaining 35%.

Once operational, the plant is expected to generate 13.5 terawatt-hours (TWh) of electricity over a 20-year period. More than half of its output has already been secured under long-term offtake agreements with retail electricity suppliers AdventEnergy and PrimeRES, which will supply commercial and industrial customers seeking to decarbonize operations. The balance will be sold to the grid under its award from the government’s Green Energy Auction Program (GEAP) Round 4.

The project carries an estimated cost of USD 300 million and is being financed by Sumitomo Mitsui Banking Corporation, ING Bank N.V., and Standard Chartered. TotalEnergies said this represents the largest international financing package secured for a solar project in the Philippines so far.

“We are delighted with our partner Nextnorth to start the construction of this major solar project in Philippines, thereby contributing to the country’s goal of increasing renewables in its generation energy mix,” said Olivier Jouny, SVP Renewables at TotalEnergies. “These 440 MW will contribute to the 9 GW renewables portfolio that we are combining with Masdar through a 50/50 joint venture across nine Asian countries.”

Nextnorth President and CEO Miguel Mapa underscored the project’s relevance to the country’s supply outlook.

“Energy security has never been more relevant for the Philippines than it is today. With rising demand and continued exposure to imported fuels, the country needs domestic, scalable, and bankable renewable capacity. Working alongside TotalEnergies, we are delivering clean, reliable power that supports communities, creates jobs, and advances the Philippines’ transition toward a more energy independent future,” he said.

What do you think? Does this level of foreign-backed solar investment meaningfully strengthen the Philippines’ energy security outlook and reduce exposure to imported fuels?

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