Nexif Ratch secures financing for 145MWp PH solar project

It is expected to supply electricity to around 52,600 households.

Nexif Ratch Energy has achieved financial close for its 145 megawatt-peak (MWp) Bacolod Solar Power Project, marking its second solar venture in the Philippines.

The project, developed by Negros PH Solar Inc., will be located in Bacolod City and Bago City. It aims to connect to the National Grid Corporation of the Philippines’ (NGCP) Bacolod Substation and is expected to supply electricity to around 52,600 households. 

Most of the energy produced will be sold to a subsidiary of Aboitiz Power Corporation through a 10-year Power Supply Agreement, with the remainder going to the Wholesale Electricity Spot Market.

The investment for the project exceeds $100m, financed by Nexif Ratch Energy and facilitated by Security Bank Corporation and Philippine National Bank. SB Capital Investment Corporation acted as the mandated lead arranger and bookrunner, whilst PNB Capital and Investment Corporation served as Arranger.

Construction is set to begin in October 2024, with commercial operations anticipated by Q4 2025. The project also plans to expand its solar capacity by up to 20 MW and include a Battery Energy Storage System.

In addition to Bacolod, Nexif Ratch Energy is developing wind projects, including the San Miguel Bay Project with a capacity of up to 500 MW and the Lucena Project, which will generate up to 475 MW.