Vena Group has reached financial close for the 80MWp Astra Solar Power Project in Currimao, Ilocos Norte, Philippines.
The company said the project strengthens its renewable footprint in Ilocos Norte, where it operates two solar facilities and is constructing the 300MWp Opus Solar Energy Project.
Vena Group added that the project is fully contracted, with construction underway and commercial operation expected in the fourth quarter of 2026.
Security Bank provided a senior debt facility of about €38 million (PHP2.7bn) for the project, said Vena Group, with Security Bank Capital acting as mandated lead arranger, green loan coordinator and hedging bank.
The company said the project is expected to generate about 142GWh of clean energy annually, enough to power around 120,500 households in the Philippines.
It noted that this output would avoid approximately 95,400 tonnes of greenhouse gas emissions each year.
“The Astra Solar Power Project represents another important milestone in expanding sustainable and affordable clean energy capacity in the Philippines,” said Simone Grasso, chief investment officer at Vena Group and global head of Vena Nexus.
“This project deepens our presence in Ilocos Norte and builds on the strong operational track record of our existing assets in the region.”