Vena Energy secures $310m for 500MWp Philippine solar project

Project will increase Pangasinan solar capacity to around 1GWp.

Vena Energy has achieved financial close for the 500 MWp Ixus Bugallon Solar Power Project in Bugallon, Pangasinan, securing approximately $310m in senior debt financing from a syndicate of eight international banks.

The project will increase Vena Energy’s solar capacity in Pangasinan to around 1 GWp upon completion. It was awarded under the Philippine Department of Energy’s second Green Energy Auction Program (GEAP 2).

Once operational, the solar project is expected to generate enough renewable electricity to power around 650,000 Philippine households annually.

It is also expected to avoid more than 570,000 tonnes of CO2 emissions and save an estimated 830 million litres of water each year compared with conventional energy generation.

“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,” said Simone Grasso, chief investment officer of Vena Group and Global Head of Vena Nexus.

“As the Philippines advances its clean energy transition, we remain committed to mobilising long-term capital for projects that strengthen energy security and deliver lasting value to communities and stakeholders,” he added.

The financing was provided by 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 Corporation.

More information:https://asian-power.com/project/news/vena-energy-secures-310m-500mwp-philippine-solar-project