Total Energies and Nextnorth start $300M PH solar build

PARIS, - French oil major TotalEnergies (TTEF.PA), opens new tab and Philippine renewables developer Nextnorth have secured financing for a 440 megawatt-peak solar park in the Asian country and started construction, they said on Thursday.
The $300 million site is expected to come online by end-2027, and produce ⁠1.2 terawatt-hours of electricity over 20 years. Half that amount will be sold to industrial clients, with the remainder going to the national grid as part of the country's fourth renewable tender round.
Unlike other oil companies that have walked back their renewable commitments, Total has continued to expand its green portfolio, most recently by forming a joint venture with Emirati ⁠firm Masdar to develop wind, solar and batteries in Asian countries that are heavily dependent on imported natural gas.
'Energy security has never been as crucial for the Philippines as it is ⁠today. Faced with rising demand and a heavy reliance on imported fuels, the country needs large-scale, affordable domestic renewable energy capacity,' Nextnorth ⁠CEO Miguel Mapa said in a statement.