Vena Energy Secures Landmark Financing for 300-MW Solar Project in the Philippines

Vena Energy, a part of Singapore’s Vena Group’s renewable energy portfolio, has achieved a significant breakthrough in the Philippines’ transition to clean energy by securing the largest fully international-financed energy project.

Namely, the Opus Solar Energy Project, a 300-megawatt (MW) stationary solar facility located in Ilocos Norte, has secured a landmark $210 million financing from a group of international financial institutions. This milestone marks the first renewable energy project in the Philippines to be fully financed by international lenders.

Financing Significance & Strategic Move

The participating lenders include well-known global financers such as BNP Paribas (Singapore), Crédit Agricole Corporate and Investment Bank, DBS Bank Ltd., MUFG Bank Ltd., Standard Chartered Bank, Intesa Sanpaolo S.P.A., and Sumitomo Mitsui Banking Corp. — which depicts a strong sense of confidence from the international financial community in the Philippines as an investment locale for sustainable energy.

According to Vena Group’s Chief Investment Officer, Simone Grasso, this customized financing arrangement underscores global banks’ confidence in Vena’s strategic approach and its ability to execute projects effectively. Further, it sets a foundation for future cross-border project financing in the country.

Impact for Communities & Climate

Once the Opus Solar Energy Project becomes operational, it can:

Supply clean electricity to around 445,000 households*, significantly strengthening local energy capacity and a significant step towards sustainability. (*Households Powered is calculated using annual electricity consumption data from the International Energy Agency (2020), along with household and population figures from the United Nations (2022) and Statista (2021))
Reduce greenhouse gas emissions by an estimated 349,000 tons annually, which is equivalent to taking about 76,000 vehicles off the road or planting nearly 5.8 million trees. This can be pivotal for addressing environmental concerns and issues.

Further, this is part of the Philippine Department of Energy’s Green Energy Auction Program 2 (GEAP 2), which aims to install 3.4 gigawatts of committed renewable capacity by 2026, accelerating the nation’s energy transition and helping attain its energy transition goals.

A Framework for Future Green Investments

The Opus Solar Energy Project not only aims to provide a more sustainable energy source but also to endorse an innovative financing approach. It serves as evidence that international banks are willing to support large-scale renewable projects in the Philippines, alongside local financing institutions. This truly paves the way for similar projects in the future and provides broader access to capital markets globally for the clean energy sector. Hence, Opus serves as a compelling example of how cross-border capital can help accelerate sustainable infrastructure growth.

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