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.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

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.

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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.”