METRO MANILA, Philippines, Oct. 14, 2024 (GLOBE NEWSWIRE) — Nexif Ratch Energy, a leading independent power producer focused on renewable energy solutions, is thrilled to announce the financial close of its 145MWp Bacolod Solar Power Project, its second solar power project in the Philippines.
The Bacolod Solar Power Project, developed by Negros PH Solar Inc, is located across Bacolod City and Bago City in the Negros Occidental province. It is a 145 MWp ground-mounted solar photovoltaic project that will connect to NGCP’s Bacolod Substation and potentially power up to 52,600 households. Most of its output will be sold through a 10-year Power Supply Agreement to a subsidiary of Aboitiz Power Corporation, with the remainder to the Wholesale Electricity Spot Market.
The project investment of more than US$100m is funded by 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 acts as the Mandated Lead Arranger and Bookrunner, and PNB Capital and Investment Corporation acts as Arranger.
Construction is set to begin in October 2024 to achieve commercial operations by Q4 2025. The focus is now on expanding the site through increased solar PV capacity of up to 20 MW and a Battery Energy Storage System.
Beyond its Calabanga and Bacolod solar projects, Nexif Ratch Energy is developing wind energy projects, including 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 with a capacity of up to 475 MW.
Mr Surender Singh, Chairman of Nexif Ratch Energy, said, “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 the start of commercial operations of the Calabanga Solar project and rapid progress that more than 900 MW of the wind projects, showcase our commitment to Philippine renewable energy.”
Mr. Sakarin Tangkavachiranon, Director of Nexif Ratch Energy, added: “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.”
