- Nexif Ratch Energy has finalised the financial close for its 145 MWp Bacolod Solar Project, which will enhance the Philippines’ renewable energy capacity and provide power to approximately 52,600 households.
- The project involves over $100 million in investments, with funding from Nexif Ratch Energy, Security Bank Corporation, and Philippine National Bank, demonstrating institutional solid confidence.
- Construction starts in October 2024. Plans include expanding and integrating a Battery Energy Storage System alongside the ongoing development of additional wind projects in the region.
Nexif Ratch Energy has finalised the financial close for its 145-megawatt peak (MWp) Bacolod Solar Project in the Philippines. This development marks a significant step in enhancing the country’s renewable energy capacity.
Negros PH Solar Inc. developed the Bacolod Solar Project, located across Bacolod City and Bago City in Negros Occidental. The project features a ground-mounted photovoltaic installation with a capacity of 145 MWp. It will connect to the Bacolod Substation of the National Grid Corporation of the Philippines (NGCP) and supply electricity to around 52,600 households, addressing local energy needs.
The total investment for the project exceeds $100 million. Nexif Ratch Energy provides equity funding, while Security Bank Corporation and Philippine National Bank offer project financing on a limited recourse basis. The financial arrangement demonstrates strong confidence from institutions in the project’s viability. SB Capital Investment Corporation serves as the Mandated Lead Arranger and Bookrunner, while PNB Capital and Investment Corporation acts as Arranger.
Construction will begin in October 2024, with commercial operations set for the fourth quarter of 2025. Nexif Ratch Energy plans to expand the site by adding 20 MW of solar photovoltaic capacity and integrating a Battery Energy Storage System. This expansion aims to enhance the stability and reliability of the electricity supply generated by the project.
Nexif Ratch Energy develops other renewable energy projects besides the Bacolod initiative. These projects include wind initiatives such as the San Miguel Bay Project, which has a potential capacity of up to 500 MW. Another initiative, the Lucena Project, will serve as an offshore wind project with a capacity of 475 MW. These ventures illustrate the company’s commitment to diversifying its energy portfolio and supporting the Philippines’ energy transition.
Mr. Surender Singh, Chairman of Nexif Ratch Energy, highlighted the importance of this financial close. He stated, “The successful financial close of our 145 MWp Bacolod Solar Farm underscores the exceptional collaboration with our partners and the dedication of our local development team. We look forward to beginning construction. This financial close, alongside the commercial operations of our Calabanga Solar project and the rapid progress of over 900 MW of wind projects, showcases our commitment to renewable energy in the Philippines.”
Mr. Sakarin Tangkavachiranon, Director of Nexif Ratch Energy, echoed these sentiments. He noted, “Reaching financial close for the 145 MWp NPSI solar project marks a key milestone in our growth in the Philippines. This achievement and the start of commercial operations for our CARE solar project lays a strong foundation for accelerating our offshore wind projects in the country.”
Nexif Ratch Energy’s efforts in the Bacolod Solar Project signify a robust investment in renewable energy. The company aims to address local energy demands while contributing to a sustainable future. With a focus on solar and wind projects, Nexif Ratch Energy is pivotal in the Philippines’ energy transition. The company’s commitment to collaboration and innovation reflects its strategic vision for regional renewable energy development.