Singapore-based Vena Energy and partner MGen Renewable Energy (MGreen) have reached financial close on a 550MW Bugallon solar power project in Pangasinan in the Philippines.
They raised a Ps18.3bn (US$313m) loan facility which had SB Capital, RCBC Capital, and PNB Capital as mandated lead arrangers, while RCBC serves as the green loan coordinator. The lenders are Security Bank, Rizal Commercial Banking Corp, and Philippine National Bank which also serve as hedging banks. Construction of the project has started and completion is expected by the fourth quarter of 2025.
