Nonthaburi: RATCH Group Public Company Limited revealed the progress of 145-MWp Bacolod solar power plant project, located in the Negros Occidental province, Philippines. The project construction is scheduled to begin in October 2024, following the success of project financing with two Philippines financial institutions: Security Bank Corporation and Philippine National Bank, earlier this month. With project costs exceeding 100 million USD, the project is expected to commence commercial operations in the fourth quarter of 2025.
The Bacolod solar farm will install solar photovoltaic panels and later combine with a battery energy storage system in the second phase to enhance the stability of electricity generation and distribution. The majority of electricity generated will be sold to subsidiaries of Aboitiz Power Corporation Group under a 10-year power purchase agreement, with remainder being dispatched to the Philippines Wholesale Electricity Spot Market. The project is managed and operated by Nexif Ratch Energy, in which RATCH holds a 49% stake.
Mr. Nitus Voraphonpiput, Chief Executive Officer of RATCH Group Public Company Limited, stated that the Bacolod Solar Power project reflects the company's ongoing progress in developing its pipeline of projects both domestically and internationally, in line with our strategic plan. It also underlines RATCH’s commitment to supporting the energy security of the countries where are our investment destination. Additionally, the project marks a significant step towards RATCH’s long-term investment in the Philippines, contributing to the country's energy transition and goals for increasing renewable energy capacity. Furthermore, it will help drive the company’s renewable energy portfolio toward achieving at least 30% target of total capacity by 2030.
"Currently, the company has four renewable energy projects in the Philippines, with a total equity capacity of about 550 MW, all progressing as planned. Most recently, the Calabanga Solar Farm, with an equity capacity of 36.3 MWp, commenced commercial operations in August 2024. The Bacolod Solar Power project, with an equity capacity of 71.05 MWp, is going into construction phase and is expected to begin electricity dispatch and generate revenue for the company starting in December 2025. Additionally, this project will provide significant benefits to the economy, community, society, and environment of the Philippines,” Nitus added.
In addition to the Calabanga and Bacolod Solar Farm projects, Nexif Ratch Energy is currently developing two wind power projects: the 500 MW San Miguel nearshore wind power project and the 475 MW Lucena offshore wind power project.