Renewable energy developer Vena Energy has secured $210 million in financing for a 300-megawatt solar power project in Ilocos Norte, marking its first full international project financing in the Philippines.
The company said the Opus solar project is expected to supply electricity to about 445,000 households once operational. The project is also projected to cut greenhouse gas emissions by around 349,000 tons, equivalent to planting nearly 5.8 million trees or removing about 76,000 vehicles from the roads.
Seven international banks participated in the financing, including BNP Paribas, Crédit Agricole Corporate and Investment Bank, DBS Bank, Intesa Sanpaolo, MUFG Bank, Standard Chartered Bank, and Sumitomo Mitsui Banking Corp.
The project is part of the Department of Energy’s second round of the Green Energy Auction (GEA) Program, where renewable energy developers bid for fixed power rates set within limits by the Energy Regulatory Commission.
Vena Group chief investment officer Simone Grasso said the financing reflects strong confidence from global banks and noted that the deal is the first US dollar-denominated renewable energy project financing in the Philippines funded entirely by international banks.
Vena Energy operates across the Asia-Pacific region with a renewable energy portfolio equivalent to 38,000 megawatts, covering wind and solar projects, along with battery storage and green hydrogen initiatives. The company has more than 1,000 employees across 80 offices worldwide.
