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Vena Group has reached financial close on a ₱2.7-billion solar project in Ilocos Norte, reinforcing Northern Luzon’s growing role as a focal point of the Philippines’ renewable energy expansion and signaling stronger participation from local banks in funding clean power infrastructure.
The Singapore-based renewable energy developer said it secured a senior debt facility from Security Bank Corp. to fund the 80.6-megawatt-peak Astra Solar Power Project in Currimao. Security Bank Capital acted as mandated lead arranger, green loan coordinator, and hedging bank for the transaction.
The project highlights a shift toward peso-denominated financing for renewable energy developments, complementing earlier foreign-funded initiatives and broadening the capital base supporting the country’s energy transition.
Simone Grasso, Vena Group chief investment officer and Vena Nexus global head, said the deal reflects rising confidence among domestic lenders in the viability of large-scale renewable energy projects.
“The Astra Solar Power Project represents another important milestone in expanding sustainable and affordable clean energy capacity in the Philippines,” Grasso said, adding that the financing underscores the bankability of renewable assets in the local market.
Construction Underway
Construction of the Astra solar facility is already in progress, with commercial operations targeted by the fourth quarter of 2026. Once operational, the plant is expected to generate about 142 gigawatt-hours of electricity annually.
This output is projected to supply power to approximately 120,500 households while reducing carbon emissions by around 95,400 tonnes per year, which is an environmental benefit comparable to planting roughly 1.5 million trees.
Notably, the project’s entire generation capacity has already been contracted, providing revenue certainty and strengthening its financial profile.
Strengthening Ilocos Norte Footprint
The Astra project further consolidates Vena Group’s presence in Ilocos Norte, where it already operates two solar facilities. The company is also advancing the much larger 300-megawatt-peak Opus Solar project in the same province.
In late 2025, Vena secured $210 million in green financing for the Opus development from a consortium of seven international banks, including BNP Paribas, DBS Bank Ltd., and Standard Chartered Bank. Once completed, Opus is expected to supply electricity to about 445,000 households.
The Astra and Opus projects together illustrate a layered investment strategy, combining local and international financing to accelerate capacity build-out in one of the country’s most active renewable energy corridors.
Growing Role In Philippine Energy Transition
Vena Group’s expansion aligns with the Philippine government’s push to increase the share of renewables in the national energy mix, supported by policy mechanisms such as the Green Energy Auction Program.
Through Vena Energy, the group operates multiple assets in the Philippines totaling more than 330 megawatts, contributing to grid diversification and energy security.
Globally, Vena Energy maintains a renewable energy portfolio of about 38 gigawatts across solar, onshore wind, and offshore wind projects. Its development pipeline also includes approximately 25 gigawatt-hours of battery energy storage systems, alongside emerging investments in green hydrogen and ammonia technologies.
With the Astra project moving forward, Vena Group continues to scale its investments in the Philippines, positioning Northern Luzon as a critical hub for clean energy generation and financing innovation.
Source:
https://business.inquirer.net/585837/vena-group-gets-p2-7-b-loan-for-ilocos-norte-solar-park
https://mb.com.ph/2026/04/16/vena-group-secures-27-billion-to-build-new-ilocos-norte-solar-farm