Nexif Ratch Energy Investments Pte. Ltd. announced Monday the financial closing and commencement of construction of its 74-megawatt ground-mount solar photovoltaic project in Calabanga, Camarines Sur.
The company said this marked a significant step forward in its commitment to investing in sustainable energy in the Philippines.
Debt financing for the project is provided by Security Bank Corp. as lender with SB Capital Investment Corp. as the lead arranger to fund 70 percent of the project cost on a limited recourse basis. It did not disclose the project cost and other financial details.
“We are excited to achieve the first financial close and commencement of construction of a project under the Nexif Ratch Energy joint venture. With this project now moving to construction, it builds on our under construction/operating portfolio, which already comprises a hydropower project in Vietnam, one stage of which is operating and the other stage that is under construction,” Nexif Ratch Energy director Sakarin Tangkavachiranon said.
“We are expecting that this financial close will soon be followed by others this year, with development and financing of projects in Vietnam and Philippines gathering pace,” Tangkavachiranon said.