Renewables firm Nexif Raich starts building 74MWp PV plant in the Philippines

Facebook
Twitter
LinkedIn
Reddit
Email
The project will sell power to Filipino renewable energy company AboitizPower Corporation. Image: Unsplash

Singaporean Renewables company Nexif Ratch Energy has completed a financial close and begun construction of a 74MWp ground-mounted solar PV project in the Philippines.

Located in Calabanga, South Luzon, the project will sell about 85% of the generated electricity through a power supply agreement with two subsidiaries of Filipino renewable energy company AboitizPower Corporation after completion. The remaining generated power will be supplied to the wholesale electricity spot market or commercial and contestable customers via direct short-term contracts.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Construction will be undertaken via a lump-sum turnkey engineering, procurement, and construction (EPC) contract with a consortium of PowerChina Huadong Engineering Corporation and PowerChina Philippines Corporation. The project will be completed by the second half of 2024, with commercial operations date commencing thereafter.

Moreover, debt financing for the project was provided by Security Bank Corporation as the lender, with SB Capital Investment Corporation acting as the lead arranger, to fund 70% of the project cost on a limited recourse basis.

Surender Singh, chairman of Nexif Ractch Energy, said, “We are also making rapid progress in achieving financial close of our 150MWp NPSI PV solar project in Negros later this year and are rapidly advancing the development of our offshore wind project pipeline in Luzon, which comprises five project concessions totalling over 2GW of potential wind capacity, the first of these projects targeted for financial close in 2024.”

Nexif Ractch added that PowerChina Philippines Corporation will conduct operations and maintenance activities of the project for the first two years from the start of commercial operations. After that, it will transition the scope to the in-house operations team of Nexif Ratch Energy.

Read Next

Premium
April 1, 2024
Gareth Simkins examines the winning projects of AR5 and looks ahead to assess how solar is likely to fare in future rounds.
October 12, 2023
Novelis has partnered with the Southern Company to build two new solar power plants in the US with a combined capacity of 80MW.
October 2, 2023
Voltalia has published its financial results for the first half of 2023, which include a 44% growth in turnover in energy sales.
September 22, 2023
US community solar company Nautilus Solar Energy has secured US$202 million for a 186MW portfolio consisting of mainly community solar projects.
September 21, 2023
Colorado will add 4GW of utility solar by 2030 while there was 1.96GW of solar projects under development as of mid-2023, according to a recent study from the American Clean Power Association (ACP).
September 20, 2023
TotalEnergies and European Energy will co-develop at least 4GW of onshore renewable projects in different locations.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
July 2, 2024
Athens, Greece
Solar Media Events
July 9, 2024
Sands Expo and Convention Centre, Singapore
Solar Media Events
September 24, 2024
Warsaw, Poland
Solar Media Events
September 24, 2024
Singapore, Asia