Clifford Chance advises on the financing of the US$300M 440MW Isabela Solar Power Project

Global law firm Clifford Chance has advised the project company and its sponsors – TotalEnergies Renewables Development Asia Pte Ltd and NextNorth Solar Holdings Inc – on the financing of the Isabela Solar Power Project in the Philippines. The transaction represents the largest international financing for a solar project in the Philippines to date.

The 440MWp project in Ilagan City, Isabela Province is being developed by San Ignacio Energy Resources Development Corporation – a joint venture between TotalEnergies Renewables Development Asia (65%) and Philippine partner NextNorth (35%), with financing provided by Standard Chartered Bank, ING Bank N.V. and Sumitomo Mitsui Banking Corporation. It's expected to be operational by the end of 2027.

Most of the project’s electricity will be sold under offtake contracts with AdventEnergy and PrimeRES. The balance will be sold to the national grid via the project’s award under Round 4 of the Philippines’ Green Energy Auction Program.

The Philippines has set a target to increase the share of renewable energy in its power generation mix to 50% by 2050, up from around 23% in 2024, as part of its broader carbon emissions reduction commitments, with solar power accounting for a significant proportion of new capacity installed in recent years.

Mel Chan, Partner said, "We are privileged to have supported TotalEnergies and NextNorth on the Isabela Solar Power Project. The transaction includes many market-first features and sets the precedent for the Philippine renewables market which is attracting increasing international investor appetite and capital inflow. Congratulations to everyone involved for reaching this milestone."

Mel led the Clifford Chance team, with support from senior associate Thomas Hobbs Martin and associate Jacie Lim. Counsel Adam Wood led on hedging matters, supported by senior associates Leland Hui and Allison Tan.

Press contact: Danielle Shaw