145MW solar PV project reaches financial close in the Philippines

Facebook
Twitter
LinkedIn
Reddit
Email
A 10-year power purchase agreement will offtake the “majority” of the energy generated from the solar PV project. Image: ib vogt

Singaporean renewable energy company Nexif Ratch Energy (NRE) has achieved financial close on a 145MW solar PV power plant in the Philippines.

The Bacolod Solar Power Project, developed by Negros PH Solar, is located across Bacolod City and Bago City in the Negros Occidental province.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

The majority of the solar PV power plant’s energy will be sold through a 10-year power purchase agreement (PPA) to a subsidiary of Aboitiz Power Corporation, with the remainder to the Wholesale Electricity Spot Market.

Construction on the project is set to begin in October 2024, with NRE hoping to achieve commercial operations by Q4 2025.

The project, which involves an investment of over US$100 million, is being funded by equity from NRE and limited recourse credit facilities from Security Bank Corporation and Philippine National Bank.

Surender Singh, chairman of Nexif Ratch Energy, highlighted that the financial close of the solar PV power plant comes hot off the heels of its 74MW Calabanga solar project starting commercial operations.

 “The successful financial close of our 145MWp Bacolod Solar Farm highlights the exceptional collaboration with our partners and the dedication of our local development team. This financial close, in quick succession to start of commercial operations of Calabanga Solar project and rapid progress that more than 900MW of the wind projects, showcase our commitment to Philippine renewable energy,” Singh said.

In mid-August 2024, NRE confirmed that the 74MW Calabanga solar project in Camarines Sur, South Luzon, started commercial operations. The solar PV power plant, which NRE said was the first utility-scale solar power project in the Bicol Region, will deliver clean energy to the national grid, maintained by the state-owned National Grid Corporation of the Philippines.

NRE will sell about 85% of the generated electricity through a power supply agreement with a subsidiary of the AboitizPower Corporation. The remaining generated power will be supplied to the wholesale electricity spot market or commercial and contestable customers via direct short-term contracts.

Read Next

October 8, 2025
US solar module prices jumped in Q3 2025 as developers scrambled to meet the 2 September 2025 safe harbour deadline for Investment Tax Credit (ITC) qualification, according to supply chain platform Anza.
Premium
October 8, 2025
PV Talk: Smart Energy Council's Nigel Morris reflects on how Australia has become a global testbed for distributed solar and storage innovation.
October 8, 2025
Officials from Norway and Egypt have agreed provisional terms for the financing of the Dandara solar park in Egypt, which is being built and operated by Norwegian IPP Scatec.
October 8, 2025
Saatvik Green Energy has secured new solar PV module orders worth more than INR7 billion (US$84 million), to be delivered in this financial year.
October 8, 2025
Australia's NEM achieved a new minimum operational demand record of 9,666MW, marking a 4% decrease from the previous record.
October 8, 2025
Frontier Energy plans to expand its Waroona Renewable Energy Project into a renewable energy precinct by 2031, targeting up to 1GW solar.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 21, 2025
New York, USA
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK