Singapore-based Vena Group is set to begin construction of its 80.6 megawatt-peak (MWp) Astra Solar Power Project in Currimao, Ilocos Norte, after securing about P2.7 billion in funding from Security Bank, with completion targeted before the end of the year.

The company said Thursday the project is expected to generate about 142 gigawatt-hours of electricity annually — enough to supply roughly 120,500 households — while helping avoid an estimated 95,400 tonnes of greenhouse gas emissions each year. Its output will be fully contracted once completed.

Important milestone

“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.

Project deepens Vena’s Ilocos Norte presence

“This project deepens our presence in Ilocos Norte and builds on the strong operational track record of our existing assets in the region.”

Security Bank backed the project with a senior debt facility, with Security Bank Capital acting as Mandated Lead Arranger, Green Loan Coordinator and Hedging Bank.

To date, the Vena Group operates two solar facilities and is building the 300 MWp Opus Solar Energy Project in the Ilocos region.