A joint venture between Nexif Energy of Singapore (51%) and Thailand's Ratch Group PCL (49%) has achieved financial closure on a 154-MWp solar photovoltaic (PV) project in the Philippines. The Bacolod solar project, developed by Negros PH Solar Inc, represents the partnership's second solar venture in the country.
Nexif Ratch Energy, which provided equity for the USD 100-million (EUR 91.5m) initiative, secured debt financing from Security Bank Corporation and Philippine National Bank. The project will generate enough green electricity to power up to 52,600 homes annually. Located across Bacolod City and Bago City in Negros Occidental province, construction is set to begin this month, with commercial operations slated for late 2025.
The plant's output will be sold under a 10-year power purchase agreement (PPA) with a unit of AboitizPower Corporation, while the remaining electricity will be traded on the Wholesale Electricity Spot Market. Nexif Ratch is also considering expanding the project to include up to 20 MW of additional solar capacity and a battery energy storage system.
