Vena Energy lines up P7-billion foreign funding for 300-MW Ilocos solar project

SINGAPORE-BASED Vena Energy on Wednesday said the financing secured for its 300-megawatt (MW) solar project in Ilocos Norte amounts to $210 million (about P7 billion), following its earlier announcement that the project had reached financial close.

The company previously said the Opus Solar Energy Project was fully financed by a group of international banks but did not disclose the funding amount at the time.

The $210-million loan will support the development of the ground-mounted solar facility in Ilocos Norte, which is expected to supply electricity to around 445,000 households once operational.

A filing with the Department of Environment and Natural Resources places the total project cost at about P15 billion, indicating that the financing will cover a substantial portion of the development cost.

The project marks the first US dollar-denominated project financing in the Philippine renewable energy sector funded entirely by foreign lenders.

“As the first US dollar-denominated project financing in the Philippines’ renewable energy sector funded entirely by international banks, this transaction underscores Vena Group’s leadership to mobilize cross-border capital at scale to accelerate the country’s clean energy transition,” Vena Group Chief Investment Officer Simone Grasso said in a statement.

The participating banks were BNP Paribas (Singapore), Crédit Agricole Corporate and Investment Bank (Singapore), DBS Bank Ltd., Intesa Sanpaolo S.p.A. (Hong Kong), MUFG Bank Ltd. (Singapore), Standard Chartered Bank (Singapore) Ltd., and Sumitomo Mitsui Banking Corp.

The solar facility forms part of the Department of Energy’s Green Energy Auction Program 2, with commercial delivery targeted by 2026.

Vena Energy operates six renewable power facilities in the Philippines with a combined installed capacity of 330.8 MW across Negros Occidental, Rizal, Leyte, Ilocos Norte, and Bukidnon. — Sheldeen Joy Talavera