Singapore-headquartered clean energy developer Vena Energy has reached financial close on its 500MW Ixus Bugallon solar PV project in the Pangasinan municipality of the Philippines.
The project will be built adjacent to the existing 550MW Bugallon solar project, which is also owned by Vena Energy. The Ixus Bugallon project secured US$310 million in senior debt financing from a group of eight international banks, including BNP Paribas and Crédit Agricole Corporate, and Vena Group chief investment officer Simone Grasso said the deal reflects “continued confidence” in the developer’s work.
Try Premium for just $1
- Full premium access for the first month at only $1
- Converts to an annual rate after 30 days unless cancelled
- Cancel anytime during the trial period
Premium Benefits
- Expert industry analysis and interviews
- Digital access to PV Tech Power journal
- Exclusive event discounts
Or get the full Premium subscription right away
Or continue reading this article for free
“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 Grasso.
“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.”
The Ixus Bugallon project, and the Bugallon facility, received awards under the Philippines Department of Energy’s second Green Energy Auction Program (GEAP 2), which aims to deploy 3.4GW of new renewable energy capacity by the end of this year. Last year, Philippine developer Citicore Renewable Energy Corporation (CERC) reached financial close for its own 125MW solar PV project in Pangasinan that received support under the GEAP scheme.
The news also follows Vena Energy’s signing of a financing deal for a 614MW solar PV project, co-located with a 1.1GWh battery energy storage system (BESS), in Australia.
The Philippines renewable energy sector has seen a number of project advancements in recent months, including the start of commercial operations at a solar-plus-storage project belonging to German developer ib vogt, as the government looks to fast-track 1.4GW of new renewable energy capacity in response to the disruption to fossil fuel prices caused by the recent conflict in the Middle East.
A number of projects have also changed hands in this context. Last month, Vena Energy announced plans to sell a 6GW renewable energy portfolio, consisting of operational and under-development solar, wind and BESS assets, to Indian independent power producer Inox Clean Energy.
