Vena Energy has achieved financial close for the 500 MWp Ixus Bugallon Solar Power Project in Bugallon, Pangasinan, Philippines. The project secured approximately US$310 million in 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 Limited, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation. Awarded under the Philippine Department of Energy’s second Green Energy Auction Program, the project will be developed adjacent to Vena Energy’s existing 550 MWp Bugallon Solar Power Project.
Upon completion, the Ixus Bugallon Solar Power Project will increase Vena Energy’s solar capacity in Pangasinan to approximately 1 GWp, creating one of the country’s largest solar development clusters. The project is expected to generate enough renewable electricity to meet the annual power requirements of around 650,000 Philippine households. It is also projected to avoid more than 570,000 tonnes of carbon dioxide emissions annually and reduce water consumption by an estimated 830 million litres per year compared with conventional power generation.