Vena Energy closes $310-million financing for Pangasinan solar hub

Renewable energy (RE) firm Vena Energy has reached financial close on a $310-million financing package for its 500-megawatt-peak (MWp) Ixus Bugallon solar power project, paving the way for construction of the facility and expanding its solar portfolio in Pangasinan province to about one gigawatt-peak (GWp).

In a statement on Monday, July 27, Vena Energy said the project had reached financial close, marking a key milestone before construction begins.

The project, which was awarded under the second round of the Green Energy Auction (GEA-2), will be located adjacent to the company’s 550-MWp Bugallon solar power project.

According to the company, the facility is expected to generate enough electricity to power approximately 650,000 households while avoiding 570,000 metric tons (MT) of carbon emissions annually.

Simone Grasso, Vena Group’s chief investment officer (CIO), said the financial close would enable the company to support the country’s clean energy goals.

“Achieving financial close for the Ixus Bugallon solar power project reflects the continued confidence of our banking partners in Vena Energy’s ability to develop, finance and deliver large-scale renewable energy infrastructure,” Grasso said.

A syndicate of eight global financial institutions provided the $310 million, or around ₱19 billion, in senior debt financing: BNP Paribas, Crédit Agricole CIB, DBS Bank, ING, Intesa Sanpaolo, MUFG, Standard Chartered, and SMBC.

The company said the successful deal reflects strong international lender confidence in Vena Energy’s project pipeline and underscores the growing global appetite for Philippine green energy investments.

At present, Vena Energy has about 30.5 gigawatts (GW) of onshore wind, solar, and offshore wind projects, as well as 26.2 gigawatt-hours (GWh) of battery energy storage systems (BESS) and 848 kilotons per annum (KTPA) of green hydrogen and ammonia.