Vena Energy Secures $210 Million for Ilocos Norte Solar Project

Vena Energy has obtained project financing of $210 million (approximately P12.3 billion) from a consortium of seven international lenders for its solar farm in Ilocos Norte. The financing institutions include BNP Paribas, Crédit Agricole, DBS Bank, Intesa Sanpaolo, MUFG Bank, Standard Chartered, and Sumitomo Mitsui Banking Corp.

The funds will support the development of the Opus Solar Energy Project, which will have a peak capacity of 300 megawatts. Once operational, it is expected to power around 445,000 households and reduce greenhouse gas emissions by about 349,000 tons.

This project, part of the Philippines' energy transition initiative, is Vena Energy's first fully internationally financed renewable energy project in the country, with a target delivery by 2026. The total investment cost is estimated at P15.1 billion.