Vena Energy secures $310 million senior debt financing for 500 MWp Ixus Bugallon Solar Power Project in the Philippines
Type: Financing · Technology: Solar · Country: Philippines · Capacity: 500 MW · Value: $310M · Announced: 2026-07-28
Vena Energy reached financial close on the 500 MWp Ixus Bugallon Solar Power Project in the Philippines, securing approximately $310 million in senior debt financing. The financing was provided by a syndicate of eight international banks, including BNP Paribas, Crédit Agricole Corporate and Investment Bank, DBS Bank, ING Bank, Intesa Sanpaolo, MUFG Bank, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation. Located in Bugallon, Pangasinan, the project will be developed adjacent to Vena Energy’s existing 550 MWp Bugallon Solar Power Project, increasing its solar capacity in the province to approximately 1 GWp upon completion. The project was awarded under the Philippine Department of Energy’s second Green Energy Auction Program (GEAP 2) and is expected to meet the annual demand of approximately 650,000 households.
Analysis
Vena Energy secured approximately $310 million in senior debt financing for its 500 MWp Ixus Bugallon Solar Power Project in the Philippines. This financing was provided by a syndicate of eight international banks, including Singapore-headquartered DBS Bank, which has over S$799 billion in total assets as of 2023, and Tokyo-headquartered Sumitomo Mitsui Banking Corporation, with $1 trillion in assets under management. Mumbai-headquartered Standard Chartered Bank, operating in 54 markets, also participated as a lender. The project, located in Bugallon, Pangasinan, was awarded under the Philippine Department of Energy’s second Green Energy Auction Program (GEAP 2). Upon completion, the Ixus Bugallon project will increase Vena Energy's solar capacity in Pangasinan to approximately 1 GWp, adjacent to its existing 550 MWp Bugallon Solar Power Project.
Key points
- Vena Energy secured $310 million in senior debt financing.
- The project is the 500 MWp Ixus Bugallon Solar Power Project in the Philippines.
- Eight international banks provided the financing, including DBS Bank and Sumitomo Mitsui Banking Corporation.
- The project was awarded under the Philippine Department of Energy’s second Green Energy Auction Program (GEAP 2).
- The project will increase Vena Energy's solar capacity in Pangasinan to approximately 1 GWp.
Counterparties
- MUFG Bank (Lender)
- ING Bank N.V (Lender)
- Crédit Agricole Corporate and Investment Bank (Lender)
- Vena Energy (Borrower)
- BNP Paribas (Lender)
- Intesa Sanpaolo (Lender)
- DBS Bank (Lender)
- Standard Chartered Bank (Lender)
- Sumitomo Mitsui Banking Corporation (Lender)
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