^{In photo: The 500MWp Ixus Bugallon Solar Power Project will be adjacent to the existing 550MWp Bugallon Solar Power Project}

Singapore-based renewable energy firm Vena Energy has reached financial close for its 500-megawatt-peak (MWp) Ixus Bugallon Solar Power Project in Pangasinan, unlocking approximately USD 310 million in financing to advance one of the country’s largest solar developments.

The project, located in Bugallon town beside Vena Energy’s existing 550-MWp Bugallon Solar Power Project, will bring the company’s total installed solar capacity in Pangasinan to around 1 gigawatt-peak (GWp) once completed.

The Ixus Bugallon facility was awarded under the Department of Energy’s Green Energy Auction Program Round 2 (GEAP 2), which aims to accelerate the deployment of renewable energy projects to help meet the country’s clean energy targets.

The project secured senior debt financing from a 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.

Vena Energy said the financial close reflects continued investor confidence in large-scale renewable energy projects in the Philippines and highlights sustained international interest in financing the country’s energy transition.

“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,” he added.

Once operational, the solar project is expected to generate enough electricity to supply the annual power requirements of around 650,000 Philippine households, while avoiding more than 570,000 metric tons of carbon dioxide emissions each year, according to the company.

Vena Energy also said the facility is projected to save about 830 million litres of water annually compared with conventional power generation.

The financial close adds to the growing pipeline of utility-scale renewable energy projects moving toward construction following awards under the DOE’s Green Energy Auction Program.

What do you think? Will continued access to international financing help accelerate the Philippines’ renewable energy targets? Share your insights in the comments.

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