Oil and gas giant TotalEnergies announced on Thursday, April 30, the launch in the Philippines of a $300 million solar power production project.
TotalEnergies, in partnership with the Philippine group Nextnorth, indicates that it has "secured the financing and launched the construction" of a solar power plant with an installed capacity of 440 MWp (Megawatt-peak), in the city of Ilagan, in the Philippine province of Isabela.
This power plant, which will be owned by TotalEnergies (65%) and Nextnorth (35%), "should be commissioned by the end of 2027", the group said in a statement.
"Once operational, the plant will produce 13,5 TWh over 20 years," said TotalEnergies, adding that "more than 50% of the electricity produced" will be sold under long-term purchase contracts to two electricity suppliers, AdventEnergy and PrimeRES, to supply commercial and industrial customers committed to decarbonizing their activities.
The remainder of the production will be sold to the national network.
"With a total cost of approximately $300 million, the project is financed by three international banks: Sumitomo Mitsui Banking Corporation (SMBC), ING Bank NV (ING) and Standard Chartered (SCB)," added TotalEnergies.
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