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TotalEnergies and Nextnorth have secured financing and begun construction of a 440 MWp solar park in the Philippines, with an investment of around USD 300 million. The project is expected to be operational by the end of 2027 and generate 1.2 terawatt-hours of electricity over 20 years. Around half of the power will be supplied to industrial users, while the rest will feed into the national grid. The development aligns with the Philippines’ renewable energy push and reflects TotalEnergies’ continued expansion in clean energy across Asia.
TotalEnergies, a France-based energy company, along with Philippine renewable energy developer Nextnorth, has secured funding and initiated construction of a large-scale solar project in the Philippines. The project involves a 440 megawatt-peak (MWp) solar park with a total investment of approximately USD 300 million. Advertisement
The solar facility is expected to be commissioned by the end of 2027. Once operational, it is projected to generate around 1.2 terawatt-hours of electricity over a period of 20 years. Of this, nearly half of the output will be supplied directly to industrial clients, while the remaining portion will be integrated into the national grid under the country’s fourth renewable energy tender programme.
The Philippines has been increasing its focus on renewable energy to reduce dependence on imported fossil fuels and improve energy security. The country has been actively awarding renewable energy projects through competitive bidding rounds to meet rising power demand.
In contrast to some global oil companies that have scaled back renewable energy investments, TotalEnergies has continued to expand its clean energy portfolio. Recently, the company entered into a joint venture with Abu Dhabi-based Masdar to develop renewable energy projects, including wind, solar and battery storage, across Asian markets that rely heavily on imported natural gas.
Nextnorth CEO Miguel Mapa stated that energy security remains a key concern for the Philippines due to rising demand and reliance on imported fuels. He added that the country requires large-scale and cost-effective domestic renewable energy capacity to address these challenges.
The project has received financial backing from major institutions, including Sumitomo Mitsui Banking Corporation, ING Bank NV, and Standard Chartered.
As part of the ownership structure, TotalEnergies will transfer its 65% stake in the project to its renewable joint venture with Masdar, while Nextnorth will retain a 35% stake.
Source Reuters
5th Jun, 2025
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