Vena Group Secures Financial Close For 80.6 MWp Astra Solar Project In Ilocos Norte

Vena Group, a company focused on clean energy and digital infrastructure across the Asia-Pacific region, has announced the successful financial closing of the Astra Solar Power Project. This project has a capacity of 80.6 MWp and is located in Currimao, Ilocos Norte, in the Philippines. The Astra Solar Power Project adds to Vena Group’s growing presence in Ilocos Norte. The company already operates two solar facilities in the region and is currently building the much larger 300 MWp Opus Solar Energy Project. This new development reflects Vena Group’s ongoing efforts to expand access to clean, reliable, and affordable energy in the Philippines.

Once completed, the Astra project is expected to produce around 142 GWh of clean electricity each year. This amount of energy is enough to supply approximately 120,500 households across the country. In environmental terms, the project will help reduce carbon emissions by about 95,400 tonnes annually. This reduction is comparable to the positive impact of planting more than 1.5 million trees, showing the project’s contribution to climate goals. All of the electricity generated by the project has already been contracted, which provides strong revenue visibility. Construction is currently in progress, and the project is expected to begin commercial operations in the fourth quarter of 2026.

To support the project financially, Security Bank has provided a senior debt facility of around PHP 2.7 billion. In addition to financing, Security Bank Capital is playing multiple roles, including acting as the mandated lead arranger, green loan coordinator, and hedging bank. The successful financial close highlights the strong support from domestic financial institutions for renewable energy projects in the Philippines. It also reflects confidence in Vena Group’s ability to develop and operate such projects effectively.

According to Simone Grasso, Chief Investment Officer at Vena Group and Global Head of Vena Nexus, the project is a key milestone in delivering more sustainable and cost-effective energy solutions. It demonstrates the company’s commitment to supporting the energy transition while meeting the rising electricity demand in the country. The estimate of households powered by the project is based on average residential electricity consumption data from the International Energy Agency, along with population and household size data from United Nations sources and other global databases.

This project represents another important step in increasing the availability of sustainable energy in the Philippines. It further strengthens Vena Group’s position in Ilocos Norte and builds on the company’s existing track record in the region. The collaboration with Security Bank also shows growing trust in both the country’s renewable energy sector and Vena Group’s execution capabilities.