Vena Energy bankrolls P12.3 billion for Ilocos solar farm

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December 18, 2025 | 12:00am

MANILA, Philippines — Singapore-based Vena Energy has secured project financing of $210 million (about P12.3 billion) from a consortium of foreign lenders to bankroll its large-scale solar farm in Ilocos Norte.

The transaction involves seven international institutions, including 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) Ltd. and Sumitomo Mitsui Banking Corp.

“This bespoke financing reflects the confidence of global banking institutions in the quality of our strategy, our team and our projects,” Vena Group chief investment officer Simone Grasso said.

Grasso added that the green loan facility also highlights the group’s leadership in mobilizing cross-border capital at scale to support the Philippines’ energy transition push.

Vena Energy intends to use the financing to advance the development of the Opus Solar Energy Project, a ground-mounted solar facility with a potential peak capacity of 300 megawatts.

Once operational, the project is projected to power around 445,000 households and displace approximately 349,000 tons of greenhouse gas emissions.

Opus Solar, which marks Vena Energy’s first fully internationally financed renewable energy project in the Philippines, is a winner of the government’s second green energy auction, with target delivery by 2026.

The project has an estimated investment cost of roughly P15.1 billion, according to the latest data from the Department of Environment and Natural Resources.

As the Vena Group’s renewable power arm, Vena Energy boasts a portfolio of 38 gigawatts across onshore wind, solar and offshore wind projects. Its green infrastructure portfolio also includes battery storage, green hydrogen and ammonia.