A solar power project in Ilocos Norte has reached a key milestone after securing funding for its development.
Renewable energy developer Vena Group said its 80.6-megawatt Astra solar project in Currimao has achieved financial close. Security Bank provided a senior debt facility worth about P2.7 billion, with its investment arm acting as lead arranger and coordinator.
The company said the deal shows strong support from local banks for renewable energy projects in the Philippines.
Once completed, the solar facility is expected to produce around 142 gigawatt-hours of electricity annually—enough to supply about 120,500 households. It could also cut greenhouse gas emissions by about 95,400 metric tons each year.
Construction is already underway, and the project is scheduled to begin operations in the fourth quarter. Vena said all of the plant’s output has already been contracted.
The Astra project adds to Vena’s growing investments in Ilocos Norte. The company is also developing the larger 300-MW Opus solar project, which previously secured funding from several international banks and is expected to power about 445,000 households.
The Vena Group said these projects are part of its broader push to expand clean and affordable energy across the region.
