TotalEnergies and its local partner, Nextnorth, have achieved financial close and commenced construction on a 440 MWp solar power plant in the Province of Isabela. The project, a 65/35 joint venture between TotalEnergies and the Philippines-based developer, marks a milestone in the country’s renewable energy transition as the largest solar development to date to be backed by international financing.
Representing a total investment of approximately $300 million, the facility is financed by a consortium of three international banks: Sumitomo Mitsui Banking Corporation (SMBC), ING Bank NV, and Standard Chartered. The plant is scheduled to become operational by the end of 2027.
Over its first 20 years of operation, the Isabela plant is projected to produce 13.5 TWh of clean energy. More than half of this output is already secured under long-term offtake agreements with retail electricity suppliers AdventEnergy and PrimeRES. These partnerships will provide a steady stream of renewable power to commercial and industrial users looking to meet stringent decarbonisation targets.
The remaining electricity generated will be supplied to the national grid, following the project’s successful award under Round 4 of the Philippine Government’s Green Energy Auction Programme.
“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,” said Olivier Jouny, Senior Vice President of Renewables at TotalEnergies.
The project arrives at a critical juncture for the Philippines, which faces rising domestic energy demand and a continued reliance on imported fossil fuels. By scaling up domestic solar capacity, the project aims to enhance national energy security while supporting local economic development.
“Energy security has never been more relevant for the Philippines than it is today,” stated Miguel Mapa, President and CEO of Nextnorth. “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.”
The construction in Ilagan City is expected to generate significant local employment and represents a major step toward the Philippines’ goal of increasing the share of renewables within its national generation mix.
