Nexif Ratch Energy—a leading independent renewable energy power producer—announced the financial close of its 145MWp Bacolod Solar Project, marking its second solar project in the Philippines.
Bacolod Solar Project to Power 52,600 Households
The Bacolod Solar Project developed by Negros PH Solar Inc. is situated between Bacolod City and Bago City in the Negros Occidental province. This ground-mounted solar photovoltaic project has a capacity of 145 MWp and will connect to NGCP’s Bacolod Substation, potentially supplying power to approximately 52,600 households.
The majority of the generated electricity will be sold through a 10-year Power Supply Agreement with a subsidiary of Aboitiz Power Corporation while the remaining output will be sold in the Wholesale Electricity Spot Market.
In addition to its Calabanga and Bacolod solar projects, Nexif Ratch Energy is also advancing wind energy initiatives, such as the San Miguel Bay Project, a nearshore wind project 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, in quick succession to start of commercial operations of Calabanga Solar project and rapid progress that more than 900 MW of the wind projects showcase 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—with an investment exceeding US$100 million—is financed through equity from Nexif Ratch Energy and project finance facilities provided by 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 start in October 2024, aiming for commercial operations by the fourth quarter of 2025. The current focus is on expanding the existing site by increasing 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 that engaged in the origination, acquisition, development, construction and operation of power projects throughout the Asia Pacific region. The company is based in Singapore with regional offices across Southeast Asia.
Nexif Ratch renewable energy firm.
Nexif Ratch Energy boasts a portfolio of 298 MW in operational and under-construction hydro, solar and wind assets, alongside a development pipeline of wind, solar and energy storage projects amounting to 3.5 GW.
