Vena Energy Reaches Financial Close on 500 MWp Ixus Bugallon Solar Power Project
Vena Energy, the renewable energy arm of Vena Group, today announced the successful financial close of the 500 MWp Ixus Bugallon Solar Power Project in Bugallon, Pangasinan, Philippines.
The project represents another significant milestone in Vena Energy’s continued investment in the Philippines renewable energy sector. Located adjacent to the existing 550 MWp Bugallon Solar Power Project also developed by Vena Energy, the Ixus Bugallon Solar Power Project will increase Vena Energy’s capacity in Pangasinan to approximately 1 GWp upon completion, further strengthening one of the country’s largest solar development clusters. Awarded under the Philippine Department of Energy’s second Green Energy Auction Program (GEAP 2), the project supports the country’s renewable energy ambitions and reinforces Vena Energy’s commitment to clean energy transition in the Philippines.
Once operational, the project is expected to generate enough renewable power to supply the equivalent annual electricity needs of approximately 650,000 Philippine households, while avoiding more than 570,000 tons of CO2 emissions annually, equivalent to removing around 125,000 vehicles from the road or planting 9.5 million trees. The project is also expected to save an estimated 830 million litres of water per year compared to conventional energy generation.
“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. 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.”, said Simone Grasso, Chief Investment Officer of Vena Group and Global Head of Vena Nexus
The project secured approximately USD 310 million in senior debt financing from a syndicate of eight international banks: BNP Paribas, Crédit Agricole Corporate and Investment Bank, DBS Bank Ltd., ING Bank N.V., Intesa Sanpaolo S.p.A., MUFG Bank Ltd., Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation.
The financing marks another significant mobilisation of international bank capital into the Philippine renewable energy sector, reflecting Vena Energy’s ability to develop high-quality, bankable projects that attract long-term international funding.
