0 Comments
Table of Contents
Singapore-based renewable energy developer Vena Energy has secured $210 million in financing for its 300-megawatt (MW) Opus Solar Energy Project in Ilocos Norte, marking the first US dollar-denominated project financing in the Philippine renewable energy sector funded entirely by international banks.
The company confirmed the financing amount following its earlier announcement that the project had reached financial close. The solar facility, expected to be one of the largest in northern Luzon, is projected to supply electricity to approximately 445,000 households upon completion.
Backing From Global Lenders
The $210-million loan, structured as a green loan facility, was arranged through seven major international banks: BNP Paribas (Singapore), Crédit Agricole Corporate and Investment Bank (Singapore), DBS Bank Ltd., Intesa Sanpaolo S.p.A. (Hong Kong), MUFG Bank Ltd. (Singapore), Standard Chartered Bank (Singapore) Ltd., and Sumitomo Mitsui Banking Corp.
Vena Group Chief Investment Officer Simone Grasso said the deal demonstrates growing global confidence in the Philippine renewable energy market.
“As the first US dollar-denominated project financing in the Philippines’ renewable energy sector funded entirely by international banks, this transaction underscores Vena Group’s leadership to mobilize cross-border capital at scale to accelerate the country’s clean energy transition,” Grasso said.
He added that the bespoke structure of the financing “reflects the confidence of global banking institutions in the quality of our strategy, our team, and our projects.”
Supporting DOE’s Renewable Energy Program
The Opus Solar Energy Project forms part of the Department of Energy’s Green Energy Auction Program 2 (GEAP 2), an initiative that aims to install 3.4 gigawatts (GW) of new renewable energy capacity by 2026. GEAP 2 supports the government’s broader goal of increasing the share of renewable sources in the country’s energy mix to at least 35% by the same year.
Commercial operations for the Opus facility are targeted by 2026, aligning with the DOE’s timeline for GEAP 2 projects. Once completed, the Ilocos Norte plant is expected to help stabilize supply in the Luzon grid and advance regional energy independence.
A filing with the Department of Environment and Natural Resources places the total project cost at around ₱15 billion, indicating that the newly secured financing will cover a substantial portion of development expenses.
Expanding Renewable Energy Portfolio
Vena Energy currently operates six renewable power facilities in the country, with a combined installed capacity of 330.8 MW across Negros Occidental, Rizal, Leyte, Ilocos Norte, and Bukidnon. The Opus project will significantly expand its footprint in the country’s solar sector and strengthen its role in supporting the Philippines’ clean energy transition.
Source:
https://manilastandard.net/business/energy/314680480/vena-energy-secures-210-m-green-loan.html