Norton Rose Fulbright advises lenders on landmark 440 MW Philippine solar project financing

Global law firm Norton Rose Fulbright has advised the lender group on the financing of a 440 MWp solar power project in the Philippines developed by TotalEnergies and Nextnorth, marking the largest internationally financed solar project in the country to date.

The project, located in Ilagan City in the province of Isabela, has reached financial close and has commenced construction. It is expected to be fully operational by the end of 2027.

More than half of the output from the project will be contracted under long-term power supply arrangements with retail electricity suppliers AdventEnergy and PrimeRES. The remaining power will be sold into the national grid pursuant to an award in Round 4 of the Green Energy Auction Program (GEAP).

The approximately US$300 million project financing is being provided by an international syndicate comprising ING Bank N.V., Sumitomo Mitsui Banking Corporation and Standard Chartered.

Norton Rose Fulbright advised the lenders and hedging banks on all aspects of the transaction. The team was led by partner Ben Carrozzi and included partners Nick Merritt and Vittorio Casamento, counsel Sunny Jong, senior associate Nadhira Rajcoomar, associate Alden Tan, and trainee solicitors Tasnia Begum and Uma Suri.

Ben Carrozzi said:

"This transaction marks a major milestone for the Philippines renewables market. The innovative blended offtake structure demonstrates the growing sophistication and bankability of large-scale renewable projects in the country. It underscores strong international lender confidence and reinforces the Philippines' position as one of the most compelling renewable investment destinations in Southeast Asia."

This transaction further strengthens Norton Rose Fulbright's long track record of advising on large-scale renewable energy and infrastructure financings across the Asia-Pacific region. The firm has one of the largest and most dynamic energy practices in the world and its lawyers have led an unprecedented number of successful and innovative 'country first' and 'technological first' transactions across major global markets.