Nexif Ratch starts construction of solar power project in Philippines
Singapore’s Nexif Ratch Energy Investments says it has commenced construction of its 74MWp ground-mount solar photovoltaic (PV) project located in Calabanga, Camarines Sur, South Luzon, Philippines.
The Calabanga project is being implemented by its Philippines’ subsidiary, Calabanga Renewable Energy, Inc., and will sell about 85% of the generated energy through a power supply agreement with two subsidiaries of AboitizPower Corporation and the remaining in the wholesale electricity spot market or direct short-term contracts with commercial and contestable customers.
Debt financing for the project is provided by Security Bank Corporation as lender with SB Capital Investment Corporation acting as the lead arranger, to fund 70% of the project cost on a limited recourse basis.
Construction will be undertaken via a lump-sum turn-key engineering, procurement, and construction contract with a consortium of PowerChina Huadong Engineering Co. Ltd and PowerChina Philippines Corporation. The construction of the project is expected to be completed by 2Q 2024, with commercial operations date commencing thereafter.
PowerChina Philippines Corporation will conduct operations and maintenance activities of the Project for the initial two years from the start of commercial operations before transitioning their scope to the in-house operations team of Nextif Ratch.
Nexif Ratch Energy, a joint venture company owned 51% by Nexif Energy of Singapore and 49% by Ratch Group of Thailand, kicked-off in December 2022 and has a portfolio of over 4000MW under ownership and management across Southeast Asia and Australia, including operating and under construction wind, gas and hydro generation assets of over 400MW and a pipeline of propriety wind, solar, and energy storage projects totalling over 3,600MW.
