Vena Group has secured ₱2.7 billion in financing for a new solar farm in Northern Luzon, Philippines, expanding its renewable energy portfolio in a region that has become a hub for the country's green energy transition.

In a statement, Vena Group said the renewable energy developer reached financial close on the 80.6-megawatt-peak Astra Solar project in Currimao, Ilocos Norte, through a senior debt facility with Security Bank Corp.

Construction of the facility is scheduled for completion by the fourth quarter of 2026. Once operational, the plant is projected to generate approximately 142 gigawatt-hours of clean electricity annually.

Vena Group estimated this output will be sufficient to power roughly 120,500 households while offsetting 95,400 tonnes of greenhouse gas emissions each year—an environmental impact the company equates to planting 1.5 million trees.

Simone Grasso, Vena Group chief investment office and Vena Nexus global head, said the deal underscored the increasing appetite among local lenders to fund large-scale renewable projects as the government pushes for higher share of clean energy in the national power mix.

Grasso added that the project was a testament to the bankability of renewable assets in the local market.

“The Astra Solar Power Project represents another important milestone in expanding sustainable and affordable clean energy capacity in the Philippines,” Grasso said.

He added that the project strengthens the company’s footprint in Ilocos Norte, where it already operates two other solar facilities.

The Astra project follows on the heels of the company’s larger 300-megawatt peak Opus Solar project, also located in Ilocos Norte. That venture recently finalized a $210 million green loan facility involving a consortium of seven international banks, including BNP Paribas, DBS Bank Ltd., and Standard Chartered Bank.

While the Opus project utilized United States (US) dollar-denominated financing to support its development under the Department of Energy’s second Green Energy Auction program, the Astra project relies on local currency debt, highlighting a diversified approach to capital raising.

Singapore-headquartered Vena Energy maintains regional footprint with approximately 38 gigawatts of capacity across solar, onshore wind, and offshore wind assets.

The company is also developing a pipeline of 25 gigawatt-hours in battery energy storage systems, alongside investments in green hydrogen and ammonia technologies.