TotalEnergies SE and local partner Nextnorth Holdings Corp have reached financial close and launched construction for a solar power plant with a capacity of 440 megawatts (MW) in northern Philippines.
The partners aim to start generation 2027. The project is in Ilagan City in Isabela Province.
"Once operational, it will produce 13.5 TWh [terawatt hours] over 20 years", France's TotalEnergies said in a press release. "More than 50 percent of the project’s electricity will be sold under long-term offtake agreements with two Retail Electricity Suppliers, AdventEnergy and PrimeRES, supplying commercial and industrial users seeking to decarbonize their operations".
The remainder will be sold to the national grid in the project's award under the fourth round of the Southeast Asian country’s Green Energy Auction Program.
Estimated to cost $300 million, the project has secured international financing from ING Bank NV, Sumitomo Mitsui Banking Corp and Standard Chartered PLC. "It is the largest international financing for a solar project in the Philippines to date", TotalEnergies said.
The statement said the project would be included in the pending joint venture between TotalEnergies and Abu Dhabi Future Energy Co PJSC (Masdar), which will encompass their onshore renewable energy portfolio in 9 Asian countries.
Valued $2.2 billion, the JV is to be equally owned by state-owned Masdar and TotalEnergies and headquartered in Abu Dhabi.
Nextnorth president and chief executive Miguel Mapa said, "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".
Earlier this year the Philippine Department of Energy (DOE) announced new award plans under a 10-year auction for renewables development, with over 3,200 MW of non-floating solar capacity targeted to be built between 2027 and 2028.
The four rounds also aim to install 5,565 MW of renewable generation capacity from other technologies between 2028 and 2035.
The DOE said in a press release February 13 it plans to hold the sixth to ninth rounds of the Green Energy Auction Program for project delivery within the next two years, toward the archipelago's target of adding at least 25 gigawatts (GW) of renewable power capacity by 2035.
The Philippines installed more than 1 GW of generation capacity in 2025, with most of the plants fed by renewable sources, according to a DOE news release December 28, 2025.
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