Foreign renewable energy developer NEXIF RATCH Energy Investments has completed the financial close for the construction of its 74 megawatts (MW) ground-mount solar photovoltaic (PV) project in Calabanga, Camarines Sur.
The company did not disclose the amount but said completion of the project is eyed by the second quarter of 2024.
It said 70 percent of the project cost will be funded by debt financing from Security Bank Corp. SB Capital Investment Corp. iss lead arranger.
NEXIF RATCH Energy said 85 percent of Calabanga project’s generated energy will be sold to AboitizPower Corp.’s two subsidiaries AP Renewables Inc. and Adventenergy Inc., through a power supply agreement.
The rest of the generation will be sold in the Wholesale Electricity Spot Market or direct short-term contracts with commercial and contestable customers.
The company added 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 Corp.
PowerChina Philippines Corp. will also 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 NEXIF RATCH Energy.
NEXIF RATCH Energy is a joint venture company owned 51 percent by Nexif Energy of Singapore and 49 percent by RATCH Group of Thailand. -Jed Macapagal
