Manila-based firm PJS Law, Norton Rose Fulbright and Clifford Chance have advised on the USD300 million financing for a 440-megawatt solar power project, which is the largest internationally financed development of its kind in the Philippines to date.
Global company TotalEnergies and Philippine renewable energy developer Nextnorth are jointly developing the project.
An international syndicate, comprising ING, Sumitomo Mitsui Banking Corporation and Standard Chartered, is financing the Philippine solar project.
PJS Law served as Philippine legal counsel to TotalEnergies. Partners Rowena Salonga, Fidel Valeros Jr and Nonalyn Superable led the team on project development; partners Miguel Antonio Mendoza, Elaine Marie Laceda and Jeric Angelo Galon worked on project financing; and Mary Gladys Stephanie Consunji advised on engineering, procurement and construction (EPC).
“Our mandate covered end-to-end transactional and regulatory support across the whole project development lifecycle, from TotalEnergies’ initial investment, regulatory support on compliance with applicable energy, environmental and corporate regulatory requirements, assistance with the procurement of the project’s EPC to operation and maintenance (O&M) agreements, advising on its offtake arrangements,” Salonga told Asia Business Law Journal.
Partner Ben Carrozzi led the Norton Rose Fulbright team, advising the lenders on the financing and hedging aspects under English and Singapore law.
“Securing large-scale financing from an international lender group demonstrates the growing maturity and bankability of the Philippines renewable power sector,” Carrozzi told ABLJ.
He said that while the Philippine market had historically relied on local financing, the structure of this transaction was sophisticated and met international project finance standards.
Clifford Chance, headed by partner Mel Chan, advised TotalEnergies and Nextnorth on the financing of the project.
The solar power project in Ilagan City is being developed by San Ignacio Energy Resources Development Corporation, a joint venture between TotalEnergies (65%) and Nextnorth (35%).
It is expected to be operational by the end of 2027.
