SINGAPORE-BASED Vena Energy on Wednesday said the financing secured for its 300-megawatt (MW) solar project in Ilocos Norte amounts to $210 million (about P7 billion), following its earlier announcement that the project had reached financial close.
The corporate previously said the Opus Solar Energy Project was fully financed by a gaggle of international banks but didn’t disclose the funding amount on the time.
The $210-million loan will support the event of the ground-mounted solar facility in Ilocos Norte, which is anticipated to provide electricity to around 445,000 households once operational.
A filing with the Department of Environment and Natural Resources places the full project cost at about P15 billion, indicating that the financing will cover a considerable portion of the event cost.
The project marks the primary US dollar-denominated project financing within the Philippine renewable energy sector funded entirely by foreign lenders.
“As the primary US dollar-denominated project financing within the Philippines’ renewable energy sector funded entirely by international banks, this transaction underscores Vena Group’s leadership to mobilize cross-border capital at scale to speed up the country’s clean energy transition,” Vena Group Chief Investment Officer Simone Grasso said in an announcement.
The participating banks were 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.
The solar facility forms a part of the Department of Energy’s Green Energy Auction Program 2, with industrial delivery targeted by 2026.
Vena Energy operates six renewable power facilities within the Philippines with a combined installed capability of 330.8 MW across Negros Occidental, Rizal, Leyte, Ilocos Norte, and Bukidnon. — Sheldeen Joy Talavera