Security Bank Corporation is deepening its push into renewable energy financing, backing a new solar project in Ilocos Norte as part of a growing clean energy cluster in the region.

The bank has finalized a P2.7-billion, 15-year green financing facility for Astra Solar Energy Corp. to support the development of an 80.6-megawatt solar power plant in Currimao. The project adds to a concentration of solar facilities in the area, reinforcing its emergence as a key site for large-scale renewable energy generation.

Security Bank took on multiple roles in the transaction, serving as sole lender, green loan coordinator, and hedging bank, while its investment arm acted as mandated lead arranger and bookrunner. The structure reflects an integrated approach to funding long-term infrastructure tied to sustainability.

“This transaction reflects our continued focus on financing infrastructure that supports long-term economic growth and energy transition,” said John Cary Ong, the bank’s executive vice president and wholesale banking segment head.

The Currimao development is part of a broader portfolio of adjacent solar projects operated by Vena Energy, including facilities under Mirae Asia Energy Corp. and Nuevo Solar Energy Corp. Security Bank is the sole lender across the three projects, strengthening its role as a key financial partner of the energy firm in the Philippines.

“We’re pleased to continue our partnership with Security Bank, who have now financed over 800MW of clean energy capacity with us in the Philippines,” said Simone Grasso, chief investment officer at Vena Group. “This reflects the strong confidence local financial institutions have in the country’s renewable energy sector and in Vena Group’s ability to deliver reliable, clean energy to Filipino communities.”

The deal reflects a broader shift in the banking sector, with local lenders taking a more active role in funding renewable energy as demand for cleaner power sources rises.

To date, Security Bank has supported 25 renewable energy projects with a combined capacity of 1,580 megawatts, underscoring its growing presence in financing infrastructure aligned with the country’s energy transition.