Vena Energy Secures $310 Million Financing For 500 MWp Solar Project In The Philippines

Vena Energy has achieved financial close for its 500-megawatt peak (MWp) Ixus Bugallon Solar Power Project in Bugallon, Pangasinan, marking an important step in the expansion of renewable energy in the Philippines. The project is expected to strengthen the country’s clean energy capacity while supporting national efforts to reduce dependence on fossil fuels and promote sustainable power generation.

The new solar facility will be built beside Vena Energy’s existing 550 MWp Bugallon Solar Power Project. Once both facilities are fully operational, the company’s total solar generation capacity in Pangasinan will reach around 1 gigawatt peak (GWp). This will create one of the largest solar energy clusters in the Philippines and significantly increase the supply of renewable electricity to the national grid.

The Ixus Bugallon Solar Power Project was awarded under the Philippine Department of Energy’s second Green Energy Auction Program (GEAP 2). The program aims to encourage investment in renewable energy and help the country achieve its long-term clean energy goals by increasing the share of renewable power in the national electricity supply.

To support the development of the project, Vena Energy secured approximately $310 million in senior debt financing from a group of eight international banks. The lending syndicate includes BNP Paribas, Crédit Agricole Corporate and Investment Bank, DBS Bank, ING Bank, Intesa Sanpaolo, MUFG Bank, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation. The successful financing demonstrates strong confidence from international financial institutions in the company’s ability to deliver large-scale renewable energy projects and reflects growing investor interest in sustainable infrastructure across Asia.

Once completed, the solar power plant is expected to generate enough electricity each year to meet the needs of around 650,000 households in the Philippines. Besides increasing electricity production, the project is also expected to deliver major environmental benefits. It is estimated to reduce more than 570,000 tons of carbon dioxide emissions annually, an impact comparable to taking about 125,000 cars off the roads or planting around 9.5 million trees. In addition, the project is expected to save approximately 830 million liters of water every year compared to conventional fossil fuel-based power generation, highlighting another important environmental advantage of solar energy.

Simone Grasso, Chief Investment Officer of Vena Group and Global Head of Vena Nexus, said reaching financial close reflects the continued trust of the company’s banking partners in Vena Energy’s ability to develop, finance, and deliver major clean energy projects. He added that the company remains committed to attracting long-term investment into renewable energy infrastructure that strengthens national energy security while creating lasting economic, social, and environmental benefits for communities across the Philippines.