Singapore-based Vena Energy has reached financial close for its 550-megawatt Bugallon solar power project in the Philippines, undertaken in partnership with MGen Renewable Energy Inc. The project, valued at an undisclosed amount, is partly financed through a green loan facility worth P18.3 billion (approximately $325 million) from Security Bank, Rizal Commercial Banking Corporation, and Philippine National Bank. Construction has begun and is expected to be completed in the fourth quarter of 2025, creating around 7,000 jobs. The operational solar farm will generate 958-gigawatt hours of clean energy annually, powering over 810,000 households and reducing greenhouse gas emissions.
Singapore-based Vena Energy said on Wednesday it has secured financial close for the 550-megawatt Bugallon solar power project it is undertaking with MGen Renewable Energy Inc. , the renewable energy arm of Meralco PowerGen Corp. .
The solar project in Bugallon, Pangasinan was initially planned for a 450MW capacity. Construction has commenced and the completion date is set in the fourth quarter of 2025. Approximately 7,000 employment opportunities are expected to be created during construction, with a strong focus on workforce participation from local communities in Bugallon and surrounding areas.
“We appreciate the unwavering confidence and support of our banking partners in our initiatives. This facility will be instrumental in driving our growth in the Philippines as we continue to deliver innovative green solutions to our customers and accelerate the energy transition across the Asia Pacific region.”
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