Nexif Ratch secures financial close for Philippines solar project
Author: PPD Team Date: 16/10/2024
Nexif Ratch Energy has announced the financial close of its 145 MWp Bacolod solar power project, its second solar venture in the Philippines.
The ground-mounted project, located across Bacolod City and Bago City in Negros Occidental province, will provide clean energy to approximately 52,600 households.
The project will connect to the National Grid Corporation of the Philippines’ Bacolod substation.
Most of the electricity generated will be sold to a subsidiary of Aboitiz Power under a ten-year power supply agreement, while the remainder will be traded on the wholesale electricity spot market. The $100 million investment is financed by equity from Nexif Ratch Energy and credit from Security Bank and Philippine National Bank.
Construction is set to begin in October 2024, with commercial operations targeted for Q4 2025. There are also plans to expand the site by 20 MW and add a battery energy storage system.