Vena Energy has secured about $310 million in senior debt financing from a syndicate of eight international banks, paving the way for the construction of its 500-megawatt-peak (MWp) Ixus Bugallon Solar Power Project in Pangasinan.

The company said Monday the financing was provided by BNP Paribas, Crédit Agricole Corporate and Investment Bank, DBS Bank Ltd., ING Bank N.V., Intesa Sanpaolo S.p.A., MUFG Bank Ltd., Standard Chartered Bank, and Sumitomo Mitsui Banking Corp.

"Achieving financial close for the Ixus Bugallon Solar Power Project reflects the continued confidence of our banking partners in Vena Energy’s ability to develop, finance and deliver large-scale renewable energy infrastructure.

As the Philippines advances its clean energy transition, we remain committed to mobilising long-term capital for projects that strengthen energy security and deliver lasting value to communities and stakeholders," said Simone Grasso, chief investment officer of Vena Group and global head of Vena Nexus.

Once operational, the Ixus Bugallon Solar Power Project will raise Vena Energy’s solar capacity in Pangasinan to about 1 gigawatt-peak, alongside its existing 550-MWp Bugallon Solar Power Project. It is among the renewable energy facilities awarded under the Department of Energy’s second Green Energy Auction Program.

The facility is expected to generate enough renewable electricity to supply the annual power needs of about 650,000 households.

According to Vena Energy, the project will also avoid more than 570,000 tons of carbon dioxide emissions annually—equivalent to taking around 125,000 vehicles off the road or planting 9.5 million trees—while saving an estimated 830 million liters of water each year compared with conventional power generation.