The Singapore-headquartered green solutions provider said the project strengthens its growing footprint in Ilocos Norte, where it already operates two solar facilities and is developing the 300-MWp Opus Solar Energy Project.
Project scale and impact
Once operational, the Astra Solar Power Project is expected to generate about 142 gigawatt-hours (GWh) of clean energy annually.
This output is enough to power around 120,500 households while avoiding some 95,400 tons of greenhouse gas emissions each year — equivalent to planting more than 1.5 million trees.
All of the project’s generation capacity has been fully contracted, with construction already underway. Commercial operations are targeted for the fourth quarter of 2026.
Financing and support
Security Bank provided a senior debt facility worth approximately P2.7 billion, with Security Bank Capital acting as mandated lead arranger, green loan coordinator, and hedging bank.
The financial close highlights continued support from domestic lenders for renewable energy projects and reinforces confidence in Vena Group’s development pipeline.
Strategic expansion “The Astra Solar Power Project represents another important milestone in expanding sustainable and affordable clean energy capacity in the Philippines,” Simone Grasso, chief investment officer at Vena Group, said in a statement.
Grasso added that the project builds on the company’s strong operational track record in Ilocos Norte and reflects growing confidence in both the Philippine renewable energy sector and Vena’s execution capabilities. —Ed: Corrie S. Narisma
