Nexif Ratch Energy, a joint venture between Singapore’s Nexif Energy and Thailand’s Ratch Group, has achieved a significant milestone by securing financial close for its 145 MWp Bacolod Solar Project. This development marks the independent power producer’s second major solar initiative in the Philippines, solidifying its commitment to the nation’s renewable energy transition.
The project, developed under Negros PH Solar Inc., is strategically located across Bacolod City and Bago City in Negros Occidental. Once operational, the ground-mounted solar PV facility will connect to the National Grid Corporation of the Philippines’ (NGCP) Bacolod Substation and is projected to generate enough clean electricity to power approximately 52,600 households.
A 10-year Power Supply Agreement has been signed with a subsidiary of Aboitiz Power Corporation for the majority of the plant’s output. The remaining energy will be sold on the Wholesale Electricity Spot Market, ensuring a balanced revenue stream for the project.
This significant Investment, valued at over US$100 million, is underpinned by a combination of equity from Nexif Ratch Energy and limited recourse project finance facilities provided by Security Bank Corporation and Philippine National Bank. SB Capital Investment Corporation acted as the Mandated Lead Arranger and Bookrunner, with PNB Capital and Investment Corporation serving as Arranger.
Mr. Surender Singh, Chairman of Nexif Ratch Energy, highlighted the collaborative effort, stating, “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. We are excited to bring this project into construction. This financial close, coming in quick succession to the start of commercial operations at the Calabanga Solar project and the rapid progress on our more than 900 MW of wind projects, showcases our commitment to Philippine renewable energy.”
Construction is slated to commence in October 2024, with the plant expected to achieve commercial operations in the fourth quarter of 2025. The company is already exploring an expansion to increase the site’s capacity by up to 20 MW and integrate a Battery Energy Storage System.
“Reaching financial close for the 145 MWp NPSI solar project is a key milestone in our growth in the Philippines,” added Mr. Sakarin Tangkavachiranon, a Director at Nexif Ratch Energy. “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 its solar ventures, Nexif Ratch is advancing a robust wind energy pipeline in the Philippines, including the nearshore San Miguel Bay Project (up to 500 MW) and the offshore Lucena Project (up to 475 MW). The Singapore-based firm’s growing Asia-Pacific portfolio includes 298 MW of operational and under-construction assets and a development pipeline exceeding 3.5 GW across wind, solar, and energy storage technologies.
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