Singapore–headquartered renewable energy independent power producer Nexif Ratch Energy has reached the financial close on its 145 MW Bacolod Solar Power Project, marking its second major solar venture in the Philippines. Located in Bacolod City and Bago City in Negros Occidental province, the project is set to provide clean energy to up to 52,600 households by 2025. The $100 million investment is supported by equity from Nexif Ratch and credit from Philippine banks, Security Bank Corporation, and Philippine National Bank. The majority of the power generated will be sold via a 10-year Power Supply Agreement to a subsidiary of Aboitiz Power, while the rest will be sold on the Wholesale Electricity Spot Market. Construction is slated to begin in October 2024, with plans for future expansion, including an additional 20 MW capacity and a Battery Energy Storage System.
Nexif Ratch achieves financial close on 145 MW solar project
Nexif Ratch’s investment in the Bacolod solar project exceeds $100 million, backed by credit facilities from Security Bank and Philippine National Bank. (Image Credit: Nexif Ratch)
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The 5-year agreement between SOLARCYCLE and Runergy promotes the circular economy, using recycled solar panels to create glass for high-efficiency modules. (Image Credit: SOLARCYCLE)
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Construction projects are progressing with a view to being fully operational within the next 18 months. (Image Source: Cordelio Power)