Crédit Agricole CIB has provided financing support to Vena Energy’s 300 MWp Opus Solar project in northern Luzon, marking its first project financing transaction in the Philippines’ renewable energy sector.
The Opus Solar project was awarded capacity under the Philippines’ second Green Energy Auction Programme in 2023 and will operate under a 20-year Renewable Energy Payment Agreement with the government-owned National Transmission Corporation.
The financing package includes a US$210 million green loan facility, along with a guarantee facility to support the project’s existing performance bond issued to the Department of Energy as part of post-auction requirements. According to the parties, this is the first US dollar-denominated project financing in the Philippines’ renewable energy sector funded entirely by international banks.
Crédit Agricole CIB acted as mandated lead arranger, lender and modelling bank for the transaction, its first involvement in renewable project financing in the country.
Vena Energy, the renewable energy arm of Singapore-based Vena Group, has a global renewable portfolio of 38 GW spanning onshore wind, solar and offshore wind. The company has operated in the Philippines for more than a decade and has developed a local pipeline exceeding 3 GW.
“We thank Crédit Agricole CIB and our relationship banks for their confidence in Vena Group and in the potential of the Philippines renewable market,” said Ravi Nichani, head of investments for Southeast Asia and India and corporate financing at Vena Energy. “As the first US dollar–denominated project financing in the Philippines’ renewable energy sector funded entirely by international banks, this transaction underscores Vena Group’s leadership to mobilise cross-border capital at scale to accelerate the country’s clean energy transition.”
Romain Voisin, head of the Energy & Infrastructure Group Asia at Crédit Agricole CIB, said: “We would like to thank Vena Energy for placing trust in Crédit Agricole CIB to support them on their projects in the Philippines. We look forward to building on this partnership and further supporting Vena Energy in their energy transition journey in the Philippines and beyond.”
Benson Lai, vice president at Crédit Agricole CIB’s Energy & Infrastructure Group Asia, added: “We are proud to have supported our key client Vena Energy in the closing of the Opus Solar energy project, which marks our first renewable financing in the Philippines. This milestone will serve as an important catalyst for our increasing involvement in this rapidly expanding market.”
The Philippines has set a target to increase the share of renewable energy in its power mix to 35% by 2030 and 50% by 2040.
