Vena Group, a leading green solutions provider driving the energy and digital infrastructure transition across the Asia-Pacific region, has announced the successful financial close of the 80.6 MWp Astra Solar Power Project in Currimao, Ilocos Norte, Philippines.
The Astra Solar Power Project further strengthens Vena Group’s growing renewable energy footprint in Ilocos Norte, where the company currently operates two solar facilities and is constructing the 300 MWp Opus Solar Energy Project. The project underscores Vena Group’s continued commitment to scaling clean and affordable energy solutions in the Philippines.
Upon completion, the project is expected to generate approximately 142 GWh of clean energy annually - enough to power around 120,500 households in the Philippines. This is equivalent to avoiding approximately 95,400 tonnes of greenhouse gas emissions each year, comparable to planting over 1.5 million trees.
Generation from the Astra Solar Power Project is fully contracted, with construction underway and commercial operation expected in the fourth quarter of 2026.
Security Bank provided a senior debt facility of approximately PHP 2.7 billion for the project, with Security Bank Capital serving as the Mandated Lead Arranger, Green Loan Coordinator and Hedging Bank. The successful financial close demonstrates continued support from domestic financial institutions for renewable energy development in the Philippines and highlights the bankability of Vena Group’s operating and development portfolio.
'The Astra Solar Power Project represents another important milestone in expanding sustainable and affordable clean energy capacity in the Philippines. This project deepens our presence in Ilocos Norte and builds on the strong operational track record of our existing assets in the region. We are pleased to partner with Security Bank on this financing, reflecting strong confidence in both the Philippine renewable energy sector and Vena Group’s disciplined execution capabilities,' said Simone Grasso, Chief Investment Officer at Vena Group and Global Head of Vena Nexus.
(1)Households Powered is based on annual household electricity consumption of each operating country derived from Residential Electricity Consumption data obtained from the International Energy Agency (2020) and number of households data derived from population data from United Nations (2022) and household size data taken from United Nations (2022) and Statista database (2021).
Source: Vena Group
