Vena Energy has completed the financial close of the Opus Solar Energy Project, marking what the company described as its first full international project financing in the Philippines.

The financing involves seven international banks, all based overseas, highlighting foreign lender participation in a Philippine renewable energy project. These include BNP Paribas, Crédit Agricole Corporate and Investment Bank, DBS Bank Ltd., Intesa Sanpaolo S.P.A., MUFG Bank Ltd., Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation.

The 300-megawatt-peak (MWp) Opus Solar Energy Project, located in Ilocos Norte, is part of the Department of Energy’s Green Energy Auction Program 2 (GEAP 2), which targets the installation of 3.4 gigawatts of committed renewable energy capacity by 2026.

Vena Group said the transaction is the first U.S. dollar–denominated project financing in the Philippine renewable energy sector funded entirely by international banks, thus positioning it as a reference point for future cross-border financing in the country.

“This bespoke financing reflects the confidence of global banking institutions in the quality of our strategy, our team, and our projects,” said Simone Grasso, chief investment officer of Vena Group.

Once operational, the solar facility is expected to generate electricity equivalent to the consumption of around 445,000 households, according to the company. Vena Group also said the project’s projected output corresponds to an estimated reduction of 349,000 tons of greenhouse gas emissions, comparable to planting 5.8 million trees or removing 76,000 vehicles from the road.

“As the first U.S. dollar–denominated project financing in the Philippines’ renewable energy sector funded entirely by international banks, this transaction underscores Vena Group’s leadership to mobilize cross-border capital at scale to accelerate the country’s clean energy transition,” Grasso said.

As more renewable energy projects rely on international financing, how might access to foreign capital influence the pace of solar development under government auction programs?

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