TotalEnergies (TTE) and partner Nextnorth have reached financial close and broke ground on a 440 MWp solar power plant in Ilagan, the Philippines, the companies said Thursday.

The project, which is 65% owned by TotalEnergies, is expected to be operational by the end of 2027, producing 13.5 TWh over 20 years.

The companies said that more than 50% of the project's power will be sold under long-term offtake deals with AdventEnergy and PrimeRES, while the rest will be sold to the national grid.

With a total cost of about $300 million, the project is financed by three international banks, TotalEnergies and Nextnorth said.