Astra Solar Philippines: Vena’s Stunning 80.6 MW Project Funded

Vena Group, a leading renewable energy developer in the Asia-Pacific region, has successfully reached financial close for its 80.6-megawatt-peak (MWp) Astra Solar Power Project in the Philippines. The company secured a significant PHP 2.7 billion in local currency financing, a move that underscores growing domestic confidence in the nation’s clean energy transition and solidifies Northern Luzon’s role as a green energy hub.

Local Financing Fuels Astra Solar Philippines: Vena’s Stunning 80.6 MW Project Funded

The project’s funding was provided by Security Bank Corp. through a 15-year senior debt facility, demonstrating robust support from a major Philippine financial institution. Located in Currimao, Ilocos Norte, the Astra Solar facility is already under construction, with a target commercial operation date set for the fourth quarter of 2026. This local currency financing strategy highlights Vena Group’s versatile approach to capital raising and its commitment to integrating with local markets.

Powering Progress: Output and Environmental Gains

Once operational, the Astra Solar project is poised to make a substantial impact on the country’s energy supply and climate goals. The facility is projected to generate approximately 142 gigawatt-hours (GWh) of clean electricity annually, sufficient to meet the energy needs of around 120,500 households. Vena Group has already secured full offtake contracts for the plant’s entire output. Furthermore, the project will contribute significantly to decarbonization by displacing an estimated 95,400 tonnes of carbon dioxide emissions each year, an environmental benefit the company equates to planting 1.5 million trees.

Vena Group’s Expanding Philippine Portfolio

The Astra Solar project is a key addition to Vena Group’s expanding portfolio in the Philippines and across the Asia-Pacific, where the Singapore-headquartered company manages a portfolio of approximately 38 gigawatts. By successfully financing and advancing the Astra project, Vena Group not only strengthens its presence in the Ilocos Norte region but also directly supports the Philippines’ long-term objectives for a sustainable and secure energy future.

Sources

1. Security Bank leads PHP2.7B green financing for 80.6MW solar …
2. Vena Group secures financing for 80.6-MW Ilocos Norte solar project
3. Vena Group Secures Financial Close For 80.6 MWp Astra Solar …
4. Vena Group Expands Ilocos Norte Solar Portfolio with Astra Solar …
5. Vena Group Secures Financial Close For 80.6 MWp Astra Solar …