Vena Energy Secures P19 Billion Loan for Pangasinan Solar Farm

Singapore’s Vena Energy has secured $310 million (about P19 billion) in financing from eight foreign lenders to advance its large-scale solar project in Pangasinan. The senior debt financing was signed with BNP Paribas, Crédit Agricole Corporate and Investment Bank, DBS Bank Ltd., ING Bank N.V., Intesa Sanpaolo S.p.A., MUFG Bank Ltd., Standard Chartered Bank and Sumitomo Mitsui Banking Corp. “Achieving financial close for the Ixus Bugallon Solar Power Project reflects the continued confidence of our banking partners in Vena Energy’s ability to develop, finance and deliver large-scale renewable energy infrastructure,” Vena Group chief investment officer Simone Grasso said. With a capacity of 500 megawatts-peak (MWp), the project is projected to supply electricity to around 650,000 households annually once operational. It is expected to avoid more than 570,000 tons of carbon emissions annually and save approximately 830 million liters of water per year compared with conventional power generation. “As the Philippines advances its clean energy transition, we remain committed to mobilizing long-term capital for projects that strengthen energy security and deliver lasting value to communities and stakeholders,” Grasso said. As a winner of the government’s second green energy auction, Ixus Bugallon Solar is guaranteed a tariff rate for up to 20 years, providing Vena Energy with long-term revenue certainty. The project is located near Vena Energy’s existing 550-MWp Bugallon Solar Power Project. Upon completion, it will expand the company’s total solar capacity in Pangasinan to one gigawatt-peak. Earlier this year, Security Bank Corp. backed Vena Energy’s development of an 80.6-MWp solar farm in Ilocos Norte through a senior debt facility of P2.7 billion. The Astro Solar Power Project strengthens the group’s growing presence in the province, where it also operates two solar facilities and is currently developing another 300-MWp solar plant.