REG-TotalEnergies SE Philippines: TotalEnergies and Nextnorth Reach Financial Close and Start Construction of a 440 MW Solar Project

TotalEnergies SEAnnouncement

30/04/2026 08:00

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Philippines: TotalEnergies and Nextnorth Reach Financial Close and Start
Construction of a 440 MW Solar Project

 

TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE), together with its partner
Nextnorth, a Philippines-based renewable energy developer, announced that they
reached financial close and started the construction of a 440 MWp solar power
plant. Located in the City of Ilagan, Province of Isabela, the project owned
by TotalEnergies (65%) and Nextnorth (35%), will be operational by the end of
2027.

Once operational, it will produce 13.5 TWh over 20 years. More than 50% of the
project’s electricity will be sold under long-term offtake agreements with
two Retail Electricity Suppliers, AdventEnergy and PrimeRES, supplying
commercial and industrial users seeking to decarbonize their operations. The
remaining production will be sold to the national grid via its award under
Round 4 of the Philippines Government’s Green Energy Auction Program.

With a total cost of approximately $300 million, the project is financed by 3
international banks, Sumitomo Mitsui Banking Corporation (SMBC), ING Bank NV
(ING) and Standard Chartered (SCB). It is the largest international financing
for a solar project in the Philippines to date.

"We are delighted with our partner Nextnorth to start the construction of this
major solar project in Philippines, thereby contributing to the country’s
goal of increasing renewables in its generation energy mix. These 440 MW will
contribute to the 9 GW renewables portfolio that we are combining with Masdar
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Ftotalenergies.com%2Fnews%2Fpress-releases%2Ftotalenergies-and-masdar-form-22-billion-joint-venture-accelerate-renewable&esheet=54525982&newsitemid=20260430541123&lan=en-US&anchor=Masdar&index=1&md5=8afa7f310ef77fcf4126e8e09a24cf03)
through a 50/50 joint venture across nine Asian countries,” said Olivier
Jouny, SVP Renewables at TotalEnergies

“Energy security has never been more relevant for the Philippines than it is
today. With rising demand and continued exposure to imported fuels, the
country needs domestic, scalable, and bankable renewable capacity. Working
alongside TotalEnergies, we are delivering clean, reliable power that supports
communities, creates jobs, and advances the Philippines’ transition toward a
more energy independent future,” said Miguel Mapa, President and CEO,
Nextnorth.

***

About Nextnorth

Nextnorth is a Philippines-focused renewable energy developer with a portfolio
of clean energy projects totaling more than 800 MW in active development and
construction. Founded in 2022 and headquartered in Metro Manila, the company
develops, finances, and delivers bankable, utility-scale renewable capacity
that supports the Philippines' energy transition, energy security, and
long-term economic growth.

TotalEnergies and electricity

TotalEnergies is building a competitive portfolio that combines renewables
(solar, onshore wind, offshore wind) and flexible assets (CCGT, storage) to
deliver clean firm power to its customers. By the end of April 2026,
TotalEnergies holds almost 36 GW of gross renewable power generation capacity
and aims to achieve over 100 TWh of net electricity production by 2030.

About TotalEnergies

TotalEnergies is a global integrated energy company that produces and markets
energies: oil and biofuels, natural gas, biogas and low-carbon hydrogen,
renewables and electricity. Our more than 100,000 employees are committed to
provide as many people as possible with energy that is more reliable, more
affordable and more sustainable. Active in about 120 countries, TotalEnergies
places sustainability at the heart of its strategy, its projects and its
operations

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Cautionary Note

The terms “TotalEnergies”, “TotalEnergies company” or “Company” in
this document are used to designate TotalEnergies SE and the consolidated
entities that are directly or indirectly controlled by TotalEnergies SE.
Likewise, the words “we”, “us” and “our” may also be used to refer
to these entities or to their employees. The entities in which TotalEnergies
SE directly or indirectly owns a shareholding are separate legal entities.
TotalEnergies SE has no liability for the acts or omissions of these entities.
This document may contain forward-looking information and statements that are
based on a number of economic data and assumptions made in a given economic,
competitive and regulatory environment. They may prove to be inaccurate in the
future and are subject to a number of risk factors. Neither TotalEnergies SE
nor any of its subsidiaries assumes any obligation to update publicly any
forward-looking information or statement, objectives or trends contained in
this document whether as a result of new information, future events or
otherwise. Information concerning risk factors, that may affect
TotalEnergies’ financial results or activities is provided in the most
recent Registration Document, the French-language version of which is filed by
TotalEnergies SE with the French securities regulator Autorité des Marchés
Financiers (AMF), and in the Form 20-F filed with the United States Securities
and Exchange Commission (SEC).

TotalEnergies Contacts 

Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com
(mailto:presse@totalenergies.com) l @TotalEnergiesPR 
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Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
(mailto:ir@totalenergies.com)



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