Nexif Ratch Energy, a renewable energy-focused platform in Southeast Asia and Australia, has reached financial close on a 145 MWp solar farm being developed in the Philippines.
Nexif Ratch Energy (NRE), a Singapore-based developer, has announced the successful financial close and start of construction for a 145 MWp solar project near Bacolod, the capital city of Negros Island in the Philippines.
NRE, a joint venture between Thailand-based independent power producer Ratch Group and Nexif Energy of Singapore, said that most of the output from the §100 million Bacolod Solar Farm will be supplied to local power company Aboitiz Power Corp. under a 10-year power purchase agreement. The remaining electricity will be sold on the wholesale electricity spot market in the Philippines.
It is expected that the project will commence commercial operations by the fourth quarter of 2025.
The project investment is funded by equity from NRE and credit facilities from Security Bank Corp. and Philippine National Bank on a limited recourse basis, with SB Capital Investment Corp. acting as the mandated lead arranger and bookrunner and PNB Capital and Investment Corp. acting as arranger.
The Bacolod Solar Farm project is NRE’s second PV development in the Philippines with the company’s first, the 74 MWp Calabanga project in South Luzon, having commenced commercial operations in August.
NRE Director Sakarin Tangkavachiranon said the financial close on the Bacolod project in quick succession to start of commercial operations of the Calabanga facility showcases the company’s commitment to the Philippine government’s renewable targets which include of a 35% renewable energy share in the nation’s energy mix by 2030 and 50% by 2040.
“Reaching financial close for the 145 MWp NPSI solar project is a key milestone in our growth in the Philippines,” he said. “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.”
Beyond the Bacolod and Calabanga solar projects, NRE is developing several wind energy projects including the San Miguel Bay nearshore wind project with a capacity of up to 500 MW and the Lucena offshore wind project with a capacity of up to 450 MW.
The company said these are part of a broader development pipeline of solar, wind, and energy storage projects totaling 3.5 GW that it is developing across the broader Southeast Asia region.
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