The Bacolod solar power project will be a 145 megawatts peak ground-mounted solar photovoltaic initiative. Credit: Fahroni/Shutterstock.

Renewable energy-focused independent power producer Nexif Ratch Energy has announced the financial close of the 145 megawatts peak Bacolod solar power project in the Philippines.

The ground-mounted solar project, which is Nexif Ratch Energy’s second solar project in the country, will supply clean energy to 52,600 households.

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To be situated across Bacolod City and Bago City in Negros Occidental province, the Bacolod project is being developed by Negros PH Solar

It will be connected to the National Grid Corporation of the Philippines’ (NGCP) Bacolod substation.

A subsidiary of Aboitiz Power will buy most of the electricity generated via a ten-year power supply agreement. The remaining electricity will be directed to the wholesale electricity spot market. The project, with an investment of more than $100m, is financed by equity from Nexif Ratch Energy and credit facilities provided by Philippines-based private banking firm Security Bank and the Philippine National Bank on a limited recourse basis.

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SB Capital Investment has been appointed as the mandated lead arranger and bookrunner, with PNB Capital and Investment serving as the arranger. The project’s construction will begin in October 2024, with the aim of commencing commercial operations by the fourth quarter of 2025.

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Plans also include expanding the existing site, potentially increasing the solar PV capacity by up to 20MW and adding a battery energy storage system.

Nexif Ratch Energy chairman Surender Singh stated: “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 the rapid progress of more than 900MW of the wind projects, showcases our commitment to Philippine renewable energy.”