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Vena Energy secures US$550 million green L/C facility
Joint venture to build and operate 206MW wind power plant in Samar, Philippines
Chito Santiago 27 Sep 2023

Vena Energy, a leading renewable energy company in Asia-Pacific, has secured a five-year US$550 million multi-currency unfunded green letter of credit (L/C) facility from a group of international banks, enhancing its financial flexibility and corporate liquidity.

The proceeds are earmarked to support eligible projects, intended to contribute to two main environmental objectives – climate change mitigation, and pollution prevention and control – in line with Vena Energy’s green financing framework.

The facility, announced on September 26, is provided by BNP Paribas, Crédit Agricole CIB (Singapore), DBS, ING Bank (Singapore), Intesa Sanpaolo (Hong Kong), MUFG Bank (Singapore), and Sumitomo Mitsui Banking Corporation (Singapore), which acted as mandated lead arrangers. MUFG Bank is also the facility agent as well as a joint original issuing bank along with Crédit Agricole CIB.

Vena Energy chief investment officer Simone Grasso says the facility will be instrumental to the company’s organic growth across the region, as it continues to pursue its mission to accelerate energy transition across Asia-Pacific.

Also on September 26, Vena Energy signed a joint venture agreement with Vivant Energy Corporation and Aboitiz Renewables, both from the Philippines, to develop, construct and operate a 206-megawatt wind power plant in Samar province on the central island of Visayas in the Philippines. The San Isidro wind power project is expected to reach financial close before the fourth quarter of 2023 and start construction in November. Commercial operation is targeted to start in the first quarter of 2025.

Aboitiz Renewables is the renewable energy subsidiary of Aboitiz Power Corporation, one of the largest power producers in the Philippines. The company’s president and chief operating officer James Arnold Villaroman says the joint venture demonstrates Aboitiz Renewables’ progress in growing its renewable energy capacity to 4,600MW. “Each of these investments is an important step to achieving a 50:50 balance in our renewable and thermal portfolios,” he adds.

Vivant Energy president and chief operating officer Emil Andre Garcia says the partnership brings the company closer to meeting its goal to expand its renewable energy portfolio to 30% by 2030.

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