TotalEnergies SE (NYSE:TTE) has reached financial close and begun construction on a 440 MWp solar power plant in Ilagan City, Isabela province, Philippines.

TotalEnergies owns 65%, and Nextnorth holds 35%.

The company projects that the plant will generate 13.5 TWh over 20 years. More than half of its output is contracted under long-term agreements with AdventEnergy and PrimeRES for commercial and industrial decarbonization. The rest will be sold to the grid via the Philippines' Green Energy Auction Program (Round 4).

With an investment of $300 million, the project is the largest internationally funded solar initiative in the country, backed by Sumitomo Mitsui Banking Corporation, ING Bank, and Standard Chartered.

Olivier Jouny, SVP Renewables at TotalEnergies, says the partnership with Nextnorth will help the Philippines meet its renewable energy targets. These 440 MW will contribute to the 9 GW renewable portfolio the company is developing with Masdar in nine Asian countries.

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