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.”
