Vena Energy, the renewable energy arm of Vena Group, announced the successful financial close of the 500 MWp Ixus Bugallon Solar Power Project. Located in Bugallon, Pangasinan, the project marks a significant expansion of the company’s footprint in the Philippine renewable energy sector.
Situated adjacent to Vena Energy’s existing 550 MWp Bugallon Solar Power Project, the new development will bring the company’s total solar capacity in Pangasinan to approximately 1 GWp. This expansion further solidifies the site as one of the largest solar development clusters in the country.
Awarded under the Philippine Department of Energy’s second Green Energy Auction Program (GEAP 2), the Ixus Bugallon Solar Power Project is a core component of the nation’s renewable energy strategy and underscores Vena Energy’s long-term commitment to the country’s clean energy transition.
Once fully operational, the project is expected to deliver substantial environmental and social benefits:
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Energy Generation: Capable of powering the equivalent of approximately 650,000 Philippine households annually.
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Emissions Reduction: Expected to avoid over 570,000 tons of $CO_2$ emissions per year—an impact equivalent to removing 125,000 vehicles from the road or planting 9.5 million trees.
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Water Conservation: Projected to save an estimated 830 million litres of water annually compared to conventional energy generation methods.
The project has secured approximately USD 310 million in senior debt financing from a prestigious 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.
“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.”
This financing underscores Vena Energy’s proven ability to structure high-quality, bankable projects that attract significant international capital into the Philippine energy market.
