Vena Energy, the renewable energy arm of Vena Group, announced the financial close of its first full international project financing in the Philippines for the $210-million Opus ground-mounted solar facility. The project, located in Ilocos Norte, has an estimated capacity of 300 megawatts.
Seven international financial institutions participated in the project financing, which is a green loan facility. The participating financing institutions are 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 Corp.
The Opus Solar Energy Project is part of the Department of Energy’s (DOE) Green Energy Auction Program 2 (GEAP 2), an initiative that aims to install 3.4 gigawatts (GW) of committed renewable energy capacity by 2026.
Vena Group chief investment officer Simone Grasso said the transaction is the first US dollar-denominated project financing in the Philippines’ renewable energy sector funded entirely by international banks.
“This bespoke financing reflects the confidence of global banking institutions in the quality of our strategy, our team and our projects,” said Grasso.
