Calabanga solar power plant

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This project entails the construction of a 74 MW ground-mount solar photovoltaic (PV) power plant, located in Calabanga, Camarines Sur, South Luzon, Philippines. The entity, implementing the project, is Calabanga Renewable Energy, sponsored by NEXIF RATCH Energy, which is 51% owned by Nexif Energy of Singapore and 49% by RATCH Group of Thailand. 85% of the produced electricity is planned to be sold through a 10-year power supply agreement with two subsidiaries of AboitizPower Corporation, while the remaining in the Wholesale Electricity Spot Market or direct short-term contracts with commercial and contestable customers. Total investment stands at $99.75 million, of which 70% ($69.83 million) is financed through debt, as Security Bank Corporation is the Lender with SB Capital Investment Corporation acting as Lead Arranger. Construction is undertaken by a consortium of PowerChina Huadong Engineering Co. Ltd and PowerChina Philippines Corporation, as PowerChina Philippines Corporation is planned also to conduct operations and maintenance activities of the project for the initial two years from the start of commercial operations. Financial close is achieved on June 19, 2023. Realfin