Singapore firm gets P2.7 billion loan for solar expansion

MANILA, Philippines — Singapore-based Vena Group has secured a P2.7-billion loan from Security Bank Corp. to further expand its solar presence in Ilocos Norte.

The senior debt facility will support the development of Vena Group’s 80.6-megawatt-peak (MWp) Astro Solar Power Project, which recently reached financial close.

“We are pleased to partner with Security Bank on this financing, reflecting strong confidence in both the Philippine renewable energy sector and Vena Group’s disciplined execution capabilities,” said Simone Grasso, Vena Group chief investment officer and Vena Nexus global head.

Security Bank Capital served as the mandated lead arranger, green loan coordinator and hedging bank for the transaction.

Construction of the solar farm is already underway and stays on track to begin commercial operations in the fourth quarter. The project’s generation output has already been fully contracted.

Upon completion, the project is projected to generate around 142 gigawatt-hours (GWh) of clean energy annually, enough to power around 120,500 Filipino households. This could help displace about 95,400 tons of carbon emissions.

“The Astra Solar Power Project represents another important milestone in expanding sustainable and affordable clean energy capacity in the Philippines,” Grasso said.

Located in the municipality of Currimao, the project further strengthens Vena Group’s growing presence in Ilocos Norte, where the company also operates two solar facilities and is currently developing the 300-MWp Opus Solar Energy.

Through Vena Energy, the Vena Group operates at least six assets totaling over 330 MW in the Philippines.

Globally, Vena Energy boasts a renewable power portfolio of 38 GW spanning onshore wind, solar and offshore wind projects. Its green energy infrastructure pipeline also includes 25 GWh of battery energy storage systems.