Vena Energy and its partner MGen Renewable Energy Inc. have announced that the 550 megawatt Bugallon Solar Power Project, located in Bugallon, Pangasinan in the Philippines has reached financial close.

In a statement, Vena Energy said the project is financed partly through a $325m Green Loan facility with the Security Bank Corporation, Rizal Commercial Banking Corporation (RCBC), and Philippine National Bank (PNB) serving as lenders and hedging banks. SB Capital Investment Corporation, RCBC Capital Corporation, and PNB Capital and Investment Corporation are the mandated lead arrangers, whilst RCBC serves as the green loan coordinator.

The Bugallon plant has already started construction and is expected to be completed by the fourth quarter of 2025. It is projected to generate approximately 958 gigawatt hours of clean energy annually that can energise over 810,000 households whilst avoiding over 640,000 tonnes of carbon emissions or planting 11 million trees.