Nexif Ratch Closes 74-MWp Solar Deal

• Nexif Ratch JV achieves fin close on 74-MWp Philippine solar project: Joint venture of Nexif Energy and Ratch Group secures debt financing for construction of Calabanga solar plant, to be completed by Q2 2024. 70% of project cost to be funded through limited recourse.

Nexif Ratch Energy, a joint venture owned 51% by Nexif Energy of Singapore and 49% by Thailand’s Ratch Group PCL, recently achieved financial close on a 74-MWp ground-mount solar project in the Philippines. The total amount of funding secured was not disclosed, but the firm secured debt financing from Security Bank Corporation and is expected to cover 70% of the project cost on a limited recourse basis. The project will be realised in Calabanga, Camarines Sur, and 85% of the plant’s future output will be sold to two subsidiaries of AboitizPower Corporation. Construction is slated to be completed by the second quarter of 2024 and will be handled by PowerChina Huadong Engineering Co Ltd and PowerChina Philippines Corporation. Nexif Ratch Energy is also on track to achieve financial close for its 150-MWp NPSI photovoltaic (PV) project in Negros and is advancing the development of its offshore wind project pipeline in Luzon, which includes five projects totaling 2 GW of capacity.

What is Nexif Ratch's 74-MWp Solar Deal?

Additional Information on Nexif Ratch's 74-MWp Solar Deal:

• Nexif Ratch Energy secured a debt financing of undisclosed amount from Security Bank Corporation, with SB Capital Investment Corporation acting as the lead arranger.
• The project will be realized by Calabanga Renewable Energy Inc with a power supply agreement with two subsidiaries of AboitizPower Corporation for 85% of the plant's output.
• The project is expected to be completed by the second quarter of 2024.
• A consortium of PowerChina Huadong Engineering Co Ltd and PowerChina Philippines Corporation will handle the turnkey engineering, procurement and construction (EPC) work.
• Nexif Ratch Energy is on track to achieve financial close for its 150-MWp NPSI photovoltaic (PV) project in Negros later this year.
• The company is also rapidly advancing the development of its offshore wind project pipeline in Luzon, including five projects surpassing 2 GW of total capacity.