Singapore-based Vena Energy has reached financial close on its 300 MWp Opus Solar Energy Project in Ilocos Norte, marking the first renewable energy project in the Philippines to be fully financed by international lenders. The project financing involves seven global banks and represents a milestone for foreign-funded clean energy development in the country.
The Opus Solar Energy Project is being developed under the Philippines’ Green Energy Auction Programme 2 and will add 300 MWp of utility-scale solar capacity. The project is designed to supply clean electricity to around 445,000 households and is expected to reduce carbon emissions by approximately 349,000 tonnes annually once operational.
The financing consortium includes BNP Paribas, Crédit Agricole Corporate and Investment Bank, DBS Bank, Intesa Sanpaolo, MUFG Bank, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation, with all facilities denominated in US dollars. The project is located in Ilocos Norte and forms part of the Department of Energy’s plan to deliver 3.4 GW of new renewable capacity by 2026.