popular articles

Nexif Ratch Energy finalizes the financial close of its 145MWp Bacolod Solar Project in the Philippines

Nexif Ratch Energy has completed the financial phase of its 145MWp Bacolod Solar Project in the Philippines, marking a significant step in the development of renewable energy in the region.

Please share:

Nexif Ratch Energy, a leading independent power producer focused on renewable energy solutions, has announced the finalization of the financial close of its 145 megawatt peak (MWp) Bacolod Solar Project in the Philippines. This project represents the company’s second commitment in the Philippine solar sector, thereby strengthening its position in the country’s renewable energy market.

The Bacolod Solar Project, developed by Negros PH Solar Inc, is located across Bacolod City and Bago City in the province of Negros Occidental. It is a ground-mounted photovoltaic installation with a capacity of 145 MWp that will be connected to the Bacolod Substation of the National Grid Corporation of the Philippines (NGCP). This infrastructure will supply electricity to approximately 52,600 households, significantly contributing to the local energy demand.

Financing and Strategic Partnerships

The total investment exceeding 100 million US dollars is financed by equity from Nexif Ratch Energy and project financing facilities provided by Security Bank Corporation and Philippine National Bank on a limited recourse basis. SB Capital Investment Corporation acts as the Mandated Lead Arranger and Bookrunner, while PNB Capital and Investment Corporation serves as Arranger. This financial structure demonstrates the confidence of financial institutions in the viability and profitability of the Bacolod project.

Timeline and Future Expansion

Construction is scheduled to begin in October 2024, with commercial operations targeted for the fourth quarter of 2025. Nexif Ratch Energy also plans an expansion of the existing site, increasing solar photovoltaic capacity by an additional 20 MW and integrating a Battery Energy Storage System. This expansion aims to improve the stability and reliability of the electricity supply generated by the project.

Beyond the Bacolod project, Nexif Ratch Energy is developing other initiatives in the renewable energy sector, including wind projects. Among these are the San Miguel Bay Project, a nearshore wind project with a capacity of up to 500 MW, and the Lucena Project, an offshore wind project with a capacity of 475 MW. These projects demonstrate the company’s ongoing commitment to diversifying its energy portfolio and significantly contributing to the Philippines’ energy transition.

Statements from Executives

Mr. Surender Singh, Chairman of Nexif Ratch Energy, stated: “The successful financial close of our 145 MWp Bacolod Solar Farm highlights the exceptional collaboration with our partners and the dedication of our local development team. We are excited to commence construction of this project. This financial close, in quick succession to the start of commercial operations of our Calabanga Solar project and the rapid progress of more than 900 MW of wind projects, showcases our commitment to renewable energy in the Philippines.”

Mr. Sakarin Tangkavachiranon, Director of Nexif Ratch Energy, added: “Reaching financial close for the 145 MWp NPSI solar project is a key milestone in our growth in the Philippines. This achievement, along with the start of commercial operations for our CARE solar project, lays a strong foundation for accelerating the development of our offshore wind projects in the country.”

Register free of charge for uninterrupted access.

Publicite

Recently published in

AMPYR Energy USA has completed the acquisition of two large-scale solar projects in the Carolinas, bringing its U.S. portfolio to over 4 GW.
Axian Energy has launched work on the NEA Kolda solar plant, equipped with a 72 MWh storage system, for a total investment of €105mn ($113.6mn).
Axian Energy has launched work on the NEA Kolda solar plant, equipped with a 72 MWh storage system, for a total investment of €105mn ($113.6mn).
Kaduna Electric has signed an agreement to build a 100 MW solar power plant with battery storage in northern Nigeria to strengthen electricity supply in four states affected by chronic outages.
Kaduna Electric has signed an agreement to build a 100 MW solar power plant with battery storage in northern Nigeria to strengthen electricity supply in four states affected by chronic outages.
EDF will strengthen its off-grid platform in Africa with a $10mn loan from Mirova to expand electricity access to 5 million people by 2030.
EDF will strengthen its off-grid platform in Africa with a $10mn loan from Mirova to expand electricity access to 5 million people by 2030.
AES will supply 650 MW of solar capacity to Meta through two long-term power purchase agreements in the United States, strengthening its position in the Southwest Power Pool market.
Boralex signed renewable energy certificate contracts with New York’s energy authority for two solar projects totalling 450 MW in capacity.
Boralex signed renewable energy certificate contracts with New York’s energy authority for two solar projects totalling 450 MW in capacity.
The Ivorian government has approved a 25-year concession for an 85,934 MWh solar power plant in Katiola under a public-private partnership with Swiss energy firm JC Mont-Fort.
The Ivorian government has approved a 25-year concession for an 85,934 MWh solar power plant in Katiola under a public-private partnership with Swiss energy firm JC Mont-Fort.
German group Greencells strengthens its UK presence through an EPC and O&M agreement with Enray Power for a solar plant incorporating an energy storage system in North Yorkshire.
German group Greencells strengthens its UK presence through an EPC and O&M agreement with Enray Power for a solar plant incorporating an energy storage system in North Yorkshire.
Urban Grid sets up honey production at its Crystal Hill solar site, combining beekeeping and farming to trial new land management models.
Ecopetrol acquires Statkraft’s Colombian subsidiary, including eight projects under development and the 130 MW Portón del Sol solar plant.
Ecopetrol acquires Statkraft’s Colombian subsidiary, including eight projects under development and the 130 MW Portón del Sol solar plant.
French group Qair has begun construction on two hybrid solar plants in N’Djamena totalling 30 MWp with battery storage, under a 20-year BOOT contract with the Chadian government.
French group Qair has begun construction on two hybrid solar plants in N’Djamena totalling 30 MWp with battery storage, under a 20-year BOOT contract with the Chadian government.
The third-party ownership model dominates non-residential solar installations in the US, according to Wood Mackenzie, with 2.1 GWdc installed in 2024, a record driven by the rise of transferable tax credits.
The third-party ownership model dominates non-residential solar installations in the US, according to Wood Mackenzie, with 2.1 GWdc installed in 2024, a record driven by the rise of transferable tax credits.
Enfinity Global secured a €100mn ($108.4mn) bond facility from Eiffel Investment Group to accelerate its energy storage and solar projects across Europe, mainly in Italy and the United Kingdom.
The Kuwait Authority for Public-Private Partnerships has launched a pre-qualification process to build two photovoltaic plants in the Al Jahra region.
The Kuwait Authority for Public-Private Partnerships has launched a pre-qualification process to build two photovoltaic plants in the Al Jahra region.
Iberdrola Italia has inaugurated a new photovoltaic plant in Tarquinia with a capacity of 33 MW, aiming to produce around 50 GWh of solar electricity per year to support industrial electrification.
Iberdrola Italia has inaugurated a new photovoltaic plant in Tarquinia with a capacity of 33 MW, aiming to produce around 50 GWh of solar electricity per year to support industrial electrification.
SOLV Energy announces contracts totalling more than 6 GW of solar and storage projects in the United States, with construction launches expected as early as 2025. The projects will span several states including Arizona and California.
SOLV Energy announces contracts totalling more than 6 GW of solar and storage projects in the United States, with construction launches expected as early as 2025. The projects will span several states including Arizona and California.
China added 59.7 GW of photovoltaic capacity in Q1 2025, surpassing coal power generation capacity for the first time, according to the National Energy Administration (NEA).
Engie cancelled its hybrid solar farm project in Yass after local opposition. The company is now considering installing only a battery system on the site, responding to community concerns.
Engie cancelled its hybrid solar farm project in Yass after local opposition. The company is now considering installing only a battery system on the site, responding to community concerns.
The Chisamba solar power plant, a major private project in Zambia with a $71.5 million investment, has reached 91% completion, aiming to bridge a structural energy deficit through a strategic partnership with a leading mining group.
The Chisamba solar power plant, a major private project in Zambia with a $71.5 million investment, has reached 91% completion, aiming to bridge a structural energy deficit through a strategic partnership with a leading mining group.
Close Brothers funds the construction of an 8.99MWp solar plant in Rhigos, marking a new phase in a £200mn partnership with Enviromena.
Close Brothers funds the construction of an 8.99MWp solar plant in Rhigos, marking a new phase in a £200mn partnership with Enviromena.
ReNew Energy Global commits Rs22,000 crore ($2.57bn) to develop a 2.8 GW solar-wind hybrid power plant in Andhra Pradesh.
CVE North America begins construction of a solar and energy storage system on a former landfill site in Riverhead, marking a new strategic investment in the United States.
CVE North America begins construction of a solar and energy storage system on a former landfill site in Riverhead, marking a new strategic investment in the United States.
The tech giant strengthens its partnership with energyRe through a second agreement covering more than 600 MW of solar projects, bringing the total commitment to over 1 GWac of renewable capacity.
The tech giant strengthens its partnership with energyRe through a second agreement covering more than 600 MW of solar projects, bringing the total commitment to over 1 GWac of renewable capacity.
Doral Renewables has finalised a $1.5bn structured financing for three photovoltaic plants in Indiana, marking a major step in the construction of the Mammoth Solar complex.
Doral Renewables has finalised a $1.5bn structured financing for three photovoltaic plants in Indiana, marking a major step in the construction of the Mammoth Solar complex.

Advertising