Vena Energy, the renewable energy arm of the Asia-based Vena Group, has announced the financial close of its first international project financing in the Philippines. The Opus Solar Energy Project, located in Ilocos Norte province, has an installed capacity of 300 megawatt-peak (MWp). It is the first project financing of its kind in the country’s renewable energy sector to be entirely structured in US dollars by international banking institutions.
Seven foreign banks involved in the transaction
The financing was secured by seven institutions: BNP Paribas (Singapore), Crédit Agricole Corporate and Investment Bank (Singapore), DBS Bank Ltd., Intesa Sanpaolo S.P.A. (Hong Kong), MUFG Bank Ltd. (Singapore), Standard Chartered Bank (Singapore) Limited and Sumitomo Mitsui Banking Corporation. This transaction marks a significant step in opening the Philippine energy market to foreign capital under international standards.
The project is part of the Department of Energy’s (DOE) Green Energy Auction Program 2 (GEAP 2), which aims to commission 3.4 gigawatts (GW) of renewable energy capacity by 2026 through an auction mechanism designed to attract private sector investment.
A strategic site for the Luzon region
The Opus solar plant is designed as a ground-mounted photovoltaic facility and is expected to generate enough electricity to power approximately 445,000 households annually. This production volume is intended to meet the growing energy demand in northern Luzon, while reducing the country’s reliance on imported fossil fuels.
The project will also reduce greenhouse gas emissions by 349,000 tonnes per year. The scale of the site and its unique financial structure give the operation a relevance that extends beyond local markets, enhancing the attractiveness of the Philippine energy sector for institutional foreign investors.
A reference platform for future fundraising
Simone Grasso, Chief Investment Officer of Vena Group, stated that the fundraising “reflects the confidence of international banks in the quality of our strategy, teams and projects.” He also noted that the structure will serve as a model for other cross-border financing projects in the Asia-Pacific region.
Vena Group indicated that this transaction strengthens its ability to structure complex foreign currency financings to support its large-scale project portfolio. The success of this financial arrangement enhances the outlook for international capital mobilisation for similar energy projects in emerging markets.
