French oil major TotalEnergies and Philippine renewables developer Nextnorth have secured financing and commenced construction for a substantial 440-megawatt-peak solar park in the Philippines. The significant $300 million project, located in the Asian country, is anticipated to become operational by the end of 2027. TotalEnergies is a French multinational integrated energy and petroleum company, while Nextnorth is a Philippine-based developer focused on renewable energy projects. This initiative marks a considerable step in expanding renewable energy infrastructure in the region.
Upon completion, the solar site is projected to generate 1.2 terawatt-hours of electricity over its 20-year lifespan. Half of this output is earmarked for sale to industrial clients, with the remaining half contributing to the national grid as part of the Philippines’ fourth renewable tender round. Miguel Mapa, CEO of Nextnorth, emphasised the critical need for such projects, stating, “Energy security has never been as crucial for the Philippines as it is today. Faced with rising demand and a heavy reliance on imported fuels, the country needs large-scale, affordable domestic renewable energy capacity.”
This development underscores TotalEnergies’ continued commitment to expanding its green energy portfolio, a trajectory that distinguishes it from some other oil companies that have scaled back renewable commitments. TotalEnergies will place its 65 per cent stake in the project into its renewable joint venture with Emirati firm Masdar, which focuses on developing wind, solar, and battery storage solutions across Asian nations heavily reliant on imported natural gas. Nextnorth will retain the remaining 35 per cent ownership. The crucial financing for the venture was secured from a syndicate including Sumitomo Mitsui Banking Corporation, ING Bank NV, and Standard Chartered.
