TotalEnergies, Nextnorth start 440-MW Isabela solar project

TotalEnergies and Nextnorth have reached financial close and started construction of a 440-megawatt-peak solar power plant in the City of Ilagan, Isabela, marking one of the largest renewable energy projects backed by international financing in the Philippines.

The project, announced April 30, 2026, is owned 65 percent by TotalEnergies and 35 percent by Nextnorth, a Philippines-based renewable energy developer.

The solar facility is expected to be operational by the end of 2027.

Once completed, the plant is projected to produce 13.5 terawatt-hours of electricity over 20 years.

More than 50 percent of the project’s electricity will be sold under long-term offtake agreements with two retail electricity suppliers, AdventEnergy and PrimeRES.

The electricity supply will serve commercial and industrial users seeking to decarbonize their operations.

The remaining output will be sold to the national grid through the project’s award under Round 4 of the Philippine government’s Green Energy Auction Program.

The project has a total cost of about USD 300 million.

It is financed by three international banks: Sumitomo Mitsui Banking Corp., ING Bank NV, and Standard Chartered.

TotalEnergies and Nextnorth said the financing is the largest international financing for a solar project in the Philippines to date.

“We are delighted with our partner Nextnorth to start the construction of this major solar project in Philippines, thereby contributing to the country’s goal of increasing renewables in its generation energy mix. These 440 MW will contribute to the 9 GW renewables portfolio that we are combining with Masdar through a 50/50 joint venture across nine Asian countries”, said Olivier Jouny, senior vice president for renewables at TotalEnergies.

“Energy security has never been more relevant for the Philippines than it is today. With rising demand and continued exposure to imported fuels, the country needs domestic, scalable, and bankable renewable capacity. Working alongside TotalEnergies, we are delivering clean, reliable power that supports communities, creates jobs, and advances the Philippines’ transition toward a more energy independent future,” said Miguel Mapa, president and CEO of Nextnorth.

Nextnorth said it has a portfolio of clean energy projects totaling more than 800 megawatts in active development and construction.

Founded in 2022 and headquartered in Metro Manila, Nextnorth develops, finances, and delivers utility-scale renewable capacity supporting the Philippines’ energy transition, energy security, and long-term economic growth.

TotalEnergies said it is building a competitive electricity portfolio combining renewables, including solar, onshore wind, and offshore wind, with flexible assets such as combined-cycle gas turbines and storage.

By the end of April 2026, TotalEnergies held almost 36 gigawatts of gross renewable power generation capacity.

The company said it aims to achieve more than 100 terawatt-hours of net electricity production by 2030.

TotalEnergies is a global integrated energy company that produces and markets oil and biofuels, natural gas, biogas and low-carbon hydrogen, renewables, and electricity.

The company has more than 100,000 employees and is active in about 120 countries.

The Isabela project comes as the Philippines seeks to expand renewable energy capacity to improve power supply reliability, reduce dependence on imported fuels, and support growing electricity demand from businesses and communities.