Nexif Ratch Energy, a leading independent renewable energy power producer, has announced the financial close for its 145 MWp Bacolod Solar Project, marking its second major solar venture in the Philippines.
Bacolod Solar Project to Power 52,600 Households
Developed by Negros PH Solar Inc., the Bacolod Solar Project is located between Bacolod City and Bago City in the Negros Occidental province. The 145 MWp ground-mounted solar photovoltaic project will connect to NGCP’s Bacolod Substation and is capable of supplying clean power to approximately 52,600 households.
The majority of the electricity generated will be sold through a 10-year Power Supply Agreement with a subsidiary of Aboitiz Power Corporation, while the remaining output will be sold on the Wholesale Electricity Spot Market.
Alongside its Calabanga and Bacolod solar projects, Nexif Ratch Energy is also developing several wind energy initiatives. These include the San Miguel Bay Project, a nearshore wind farm with a capacity of up to 500 MW, and the Lucena Project, an offshore wind project capable of generating up to 475 MW.
“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,” said Mr. Surender Singh, Chairman of Nexif Ratch Energy.
Nexif Ratch Energy Secures Over US$100M in Project Financing
The project, representing an investment of over US$100 million, is financed through equity from Nexif Ratch Energy and project finance facilities from Security Bank Corporation and Philippine National Bank on a limited recourse basis. SB Capital Investment Corporation serves as the Mandated Lead Arranger and Bookrunner, while PNB Capital and Investment Corporation acts as the Arranger.
Construction is scheduled to begin in October 2024, with commercial operations planned for the fourth quarter of 2025. The current focus is on expanding the site by increasing its solar PV capacity by up to 20 MW and incorporating 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. 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,” said Mr. Sakarin Tangkavachiranon, Director of Nexif Ratch Energy.
Nexif Ratch Energy’s Commitment to Renewable Energy
Nexif Ratch Energy is a renewable energy firm engaged in the origination, acquisition, development, construction, and operation of power projects throughout the Asia-Pacific region. Based in Singapore, the company has regional offices across Southeast Asia.
Nexif Ratch Energy’s portfolio includes 298 MW of operational and under-construction hydro, solar, and wind assets, alongside a development pipeline of wind, solar, and energy storage projects totaling 3.5 GW.
