Vena Energy has reached financial close on the 500MWp Ixus Bugallon solar project in Bugallon, Pangasinan, Philippines.
It said the project, located adjacent to its 550MWp Bugallon PV scheme, will increase its solar capacity in Pangasinan to about 1GWp once completed.
The company added that the project secured about USD$310m in senior debt financing from a syndicate comprising BNP Paribas, Crédit Agricole Corporate and Investment Bank, DBS Bank, ING Bank, Intesa Sanpaolo, MUFG Bank, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation.
The Ixus Bugallon project was awarded under the Philippine Department of Energy’s second Green Energy Auction Program.
“Achieving financial close for the Ixus Bugallon Solar Power Project reflects the continued confidence of our banking partners in Vena Energy’s ability to develop, finance and deliver large-scale renewable energy infrastructure,” said Simone Grasso, chief investment officer of Vena Group and global head of Vena Nexus.
“As the Philippines advances its clean energy transition, we remain committed to mobilising long-term capital for projects that strengthen energy security and deliver lasting value to communities and stakeholders.”
