CURRIMAO, ILOCOS NORTE — Singapore-based renewable energy leader Vena Group has officially reached financial close for its 80.6-megawatt-peak (MWp) Astra Solar Power Project, securing a ₱2.7-billion senior debt facility from Security Bank Corp.
The deal, announced on Thursday, April 16, 2026, marks a significant milestone in the Philippines’ transition to clean energy. Construction is already underway in Currimao, with the facility expected to begin commercial operations by the fourth quarter of 2026.
The Astra Solar project is designed to be a high-yield contributor to the Luzon grid, which has recently struggled with thinning reserves:
- Annual Output: Once operational, the plant is projected to generate approximately 142 gigawatt-hours (GWh) of clean electricity annually.
- Household Impact: This generation capacity is estimated to be sufficient to power roughly 120,500 Filipino households.
- Environmental Gains: The project will offset an estimated 95,400 tonnes of greenhouse gas emissions every year—an impact the company equates to planting over 1.5 million trees.
Ilocos Norte continues to solidify its reputation as the renewable energy capital of the Philippines. Vena Group already has a strong foothold in the province:
- Existing Assets: The company currently operates two solar facilities in the region, including the Garcia 2 solar project.
- Opus Solar Project: The Astra project follows the financial close of Vena’s much larger 300-MWp Opus Solar project, which recently secured a $210-million green loan from a consortium of international banks.
- Strategic Mix: While the Opus project utilized international US dollar-denominated financing, the Astra project relies on local currency debt, highlighting the growing appetite of domestic lenders for large-scale green investments.
Simone Grasso, Vena Group Chief Investment Officer, emphasized that the successful financing reflects strong confidence in the Philippine renewable energy sector. “The Astra Solar Power Project represents another important milestone in expanding sustainable and affordable clean energy capacity in the Philippines,” Grasso stated.
Security Bank Capital served as the mandated lead arranger, green loan coordinator, and hedging bank for the deal. As the Department of Energy continues to push for a higher share of renewables in the national power mix, projects like Astra are seen as critical buffers against the volatility of global oil prices and the ongoing national energy emergency.