Crédit Agricole CIB completes its first renewable financing in the Philippines for Vena Energy

Opus Solar was successfully awarded capacity during the Philippines’ second Green Energy Auction Programme held in 2023, and it will benefit from a 20-year Renewable Energy Payment Agreement (REPA) with the government-owned National Transmission Corporation.

The financing includes a US$210 million green loan facility, featuring a guarantee facility to backstop the project’s existing performance bond issued to the Department of Energy Philippines, as part of the post auction requirements. This is the first US dollar-denominated project financing in the Philippines' renewable energy sector funded entirely by international banks, paving the way for similar financing structures across the country’s clean energy industry.

Vena Energy, the renewable energy arm of Vena Group, is a Singapore-based major green energy company with a renewable power portfolio of 38GW across onshore wind, solar, and offshore wind projects. In the Philippines, Vena Energy established its presence over 10 years ago and has a portfolio of over 3 GW renewable assets across the country.

In its first-ever project financing in the Philippines’ renewable energy sector, Crédit Agricole CIB acted as Mandated Lead Arranger, Lender, and Modelling Bank in this transaction.

Committed to the global energy transition, Crédit Agricole CIB is proud to support clients in this emerging renewable energy market, where the Bank sees potential for strong growth on the back of abundant renewable resources, ambitious decarbonisation targets, and solid government support. The Philippines targets to increase its renewable energy mix to 35% by 2030 and 50% by 2040.