Vena Group has reached financial close for its 80.6-megawatt-peak (MWp) Astra Solar Power Project in Currimao, Ilocos Norte, marking another addition to its expanding renewable energy portfolio in northern Luzon and reinforcing continued lender appetite for green energy developments.

In a statement, the Singapore-based green solutions provider said the project is now under construction, with commercial operations targeted by the fourth quarter of 2026. Output from the facility has already been fully contracted, indicating secured offtake amid tightening power supply conditions.

The Astra project is expected to generate around 142 gigawatt-hours (GWh) of electricity annually—equivalent to supplying roughly 120,500 households—while displacing an estimated 95,400 tonnes of greenhouse gas emissions each year.

Financing for the project includes a senior debt facility of about PHP 2.7 billion from Security Bank, with its investment arm acting as mandated lead arranger, green loan coordinator, and hedging bank. The deal highlights the growing role of domestic banks in funding utility-scale renewable energy projects, a critical factor as the Philippines accelerates capacity additions to meet rising demand.

^{Ilocos Norte is home to Vena Energy’s growing solar portfolio, including the operational Currimao Solar Project (pictured) / Vena Group}

Vena Group said the project will further strengthen its footprint in Ilocos Norte, where it already operates two solar facilities and is developing the 300-MWp Opus Solar Energy Project. The province is emerging as a renewable energy hub due to its favorable solar and wind resources, as well as available grid capacity.

“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,” said Simone Grasso, Chief Investment Officer at Vena Group.

“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,” he added.

What does this signal for the pace of renewable energy financing and grid integration in the Philippines? Share your insights.

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