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Vena Energy, the renewable energy arm of Vena Group, today announced the successful financial close of the 500 MWp Ixus Bugallon Solar Power Project in Bugallon, Pangasinan, Philippines. 

The project represents another significant milestone in Vena Energy’s continued investment in the Philippines renewable energy sector. Located adjacent to the existing 550 MWp Bugallon Solar Power Project also developed by Vena Energy, the Ixus Bugallon Solar Power Project will increase Vena Energy’s capacity in Pangasinan to approximately 1 GWp upon completion, further strengthening one of the country’s largest solar development clusters. Awarded under the Philippine Department of Energy’s second Green Energy Auction Program (GEAP 2), the project supports the country’s renewable energy ambitions and reinforces Vena Energy’s commitment to clean energy transition in the Philippines.  

Once operational, the project is expected to generate enough renewable power to supply the equivalent annual electricity needs of approximately 650,000 Philippine households, while avoiding more than 570,000 tons of CO2 emissions annually, equivalent to removing around 125,000 vehicles from the road or planting 9.5 million trees. The project is also expected to save an estimated 830 million litres of water per year compared to conventional energy generation. 

“Achieving financial close for the Ixus Bugallon Solar Power Project reflects the continued confidence of our banking partners in Vena Energy’s ability to develop, finance and deliver large-scale renewable energy infrastructure. As the Philippines advances its clean energy transition, we remain committed to mobilising long-term capital for projects that strengthen energy security and deliver lasting value to communities and stakeholders.”, said Simone Grasso, Chief Investment Officer of Vena Group and Global Head of Vena Nexus

The project secured approximately USD 310 million in senior debt financing from a syndicate of eight international banks: BNP Paribas, Crédit Agricole Corporate and Investment Bank, DBS Bank Ltd., ING Bank N.V., Intesa Sanpaolo S.p.A., MUFG Bank Ltd., Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation.  

The financing marks another significant mobilisation of international bank capital into the Philippine renewable energy sector, reflecting Vena Energy’s ability to develop high-quality, bankable projects that attract long-term international funding. 

Vena Energy, the renewable energy arm of Vena Group, today announced the successful financial close of the 500 MWp Ixus Bugallon Solar Power Project in Bugallon, Pangasinan, Philippines. 

The project represents another significant milestone in Vena Energy’s continued investment in the Philippines renewable energy sector. Located adjacent to the existing 550 MWp Bugallon Solar Power Project also developed by Vena Energy, the Ixus Bugallon Solar Power Project will increase Vena Energy’s capacity in Pangasinan to approximately 1 GWp upon completion, further strengthening one of the country’s largest solar development clusters. Awarded under the Philippine Department of Energy’s second Green Energy Auction Program (GEAP 2), the project supports the country’s renewable energy ambitions and reinforces Vena Energy’s commitment to clean energy transition in the Philippines.  

Once operational, the project is expected to generate enough renewable power to supply the equivalent annual electricity needs of approximately 650,000 Philippine households, while avoiding more than 570,000 tons of CO2 emissions annually, equivalent to removing around 125,000 vehicles from the road or planting 9.5 million trees. The project is also expected to save an estimated 830 million litres of water per year compared to conventional energy generation. 

“Achieving financial close for the Ixus Bugallon Solar Power Project reflects the continued confidence of our banking partners in Vena Energy’s ability to develop, finance and deliver large-scale renewable energy infrastructure. As the Philippines advances its clean energy transition, we remain committed to mobilising long-term capital for projects that strengthen energy security and deliver lasting value to communities and stakeholders.”, said Simone Grasso, Chief Investment Officer of Vena Group and Global Head of Vena Nexus

The project secured approximately USD 310 million in senior debt financing from a syndicate of eight international banks: BNP Paribas, Crédit Agricole Corporate and Investment Bank, DBS Bank Ltd., ING Bank N.V., Intesa Sanpaolo S.p.A., MUFG Bank Ltd., Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation.  

The financing marks another significant mobilisation of international bank capital into the Philippine renewable energy sector, reflecting Vena Energy’s ability to develop high-quality, bankable projects that attract long-term international funding. 

Vena Energy, the renewable energy arm of Vena Group, today announced the successful financial close of the 500 MWp Ixus Bugallon Solar Power Project in Bugallon, Pangasinan, Philippines. 

The project represents another significant milestone in Vena Energy’s continued investment in the Philippines renewable energy sector. Located adjacent to the existing 550 MWp Bugallon Solar Power Project also developed by Vena Energy, the Ixus Bugallon Solar Power Project will increase Vena Energy’s capacity in Pangasinan to approximately 1 GWp upon completion, further strengthening one of the country’s largest solar development clusters. Awarded under the Philippine Department of Energy’s second Green Energy Auction Program (GEAP 2), the project supports the country’s renewable energy ambitions and reinforces Vena Energy’s commitment to clean energy transition in the Philippines.  

Once operational, the project is expected to generate enough renewable power to supply the equivalent annual electricity needs of approximately 650,000 Philippine households, while avoiding more than 570,000 tons of CO2 emissions annually, equivalent to removing around 125,000 vehicles from the road or planting 9.5 million trees. The project is also expected to save an estimated 830 million litres of water per year compared to conventional energy generation. 

“Achieving financial close for the Ixus Bugallon Solar Power Project reflects the continued confidence of our banking partners in Vena Energy’s ability to develop, finance and deliver large-scale renewable energy infrastructure. As the Philippines advances its clean energy transition, we remain committed to mobilising long-term capital for projects that strengthen energy security and deliver lasting value to communities and stakeholders.”, said Simone Grasso, Chief Investment Officer of Vena Group and Global Head of Vena Nexus

The project secured approximately USD 310 million in senior debt financing from a syndicate of eight international banks: BNP Paribas, Crédit Agricole Corporate and Investment Bank, DBS Bank Ltd., ING Bank N.V., Intesa Sanpaolo S.p.A., MUFG Bank Ltd., Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation.  

The financing marks another significant mobilisation of international bank capital into the Philippine renewable energy sector, reflecting Vena Energy’s ability to develop high-quality, bankable projects that attract long-term international funding. 

The Solar Energy Corporation of India (SECI) has invited bids from Solar Power Developers (SPDs) for the development of 5.29 MW (5,290 kW) of grid-connected rooftop solar photovoltaic (RTSPV) projects under the RESCO (Renewable Energy Service Company) mode through tariff-based competitive bidding. The initiative forms part of RTSPV Tranche-XII and aims to expand rooftop solar deployment across multiple client organisations.

Under the tender, the selected developers will be responsible for the complete design, engineering, procurement, supply, installation, testing, commissioning, and operation and maintenance (O&M) of the rooftop solar projects throughout the term of the Power Purchase Agreement (PPA). The scope also includes obtaining grid connectivity approvals, net-metering permissions, insurance, and all statutory clearances required for project execution.

The projects will be implemented under the RESCO model, wherein developers will invest in, own, operate, and maintain the rooftop solar plants while supplying electricity to the respective client organisations. The rooftop solar systems will primarily utilise photovoltaic technology, with the tender remaining technology-agnostic for eligible solar PV solutions.

SECI stated that the estimated cumulative project capacity is around 5,290 kW, while the final capacity for each project will be confirmed during the execution of the Power Purchase Agreement following site assessments and mutual agreement between the developer and the client organisation.

According to the tender conditions, the selected developers will sign separate Power Purchase Agreements (PPAs) with the respective client organisations. Each PPA will remain valid for 25 years from the commercial operation date (COD) of the project, providing long-term revenue visibility for developers.

The tender also requires developers to submit performance guarantees and service charges before PPA execution. SECI will facilitate the PPA signing process after verifying compliance with the tender’s technical, financial, and shareholding requirements. Developers executing projects through Special Purpose Vehicles (SPVs) must maintain the prescribed controlling shareholding for at least one year after project commissioning.

The initiative is expected to support India’s rooftop solar expansion by enabling government and institutional consumers to adopt clean energy under the RESCO model while reducing upfront investment requirements. The projects will also contribute to increasing distributed renewable energy capacity and advancing the country’s clean energy transition.

The Solar Energy Corporation of India (SECI) has invited bids from Solar Power Developers (SPDs) for the development of 5.29 MW (5,290 kW) of grid-connected rooftop solar photovoltaic (RTSPV) projects under the RESCO (Renewable Energy Service Company) mode through tariff-based competitive bidding. The initiative forms part of RTSPV Tranche-XII and aims to expand rooftop solar deployment across multiple client organisations.

Under the tender, the selected developers will be responsible for the complete design, engineering, procurement, supply, installation, testing, commissioning, and operation and maintenance (O&M) of the rooftop solar projects throughout the term of the Power Purchase Agreement (PPA). The scope also includes obtaining grid connectivity approvals, net-metering permissions, insurance, and all statutory clearances required for project execution.

The projects will be implemented under the RESCO model, wherein developers will invest in, own, operate, and maintain the rooftop solar plants while supplying electricity to the respective client organisations. The rooftop solar systems will primarily utilise photovoltaic technology, with the tender remaining technology-agnostic for eligible solar PV solutions.

SECI stated that the estimated cumulative project capacity is around 5,290 kW, while the final capacity for each project will be confirmed during the execution of the Power Purchase Agreement following site assessments and mutual agreement between the developer and the client organisation.

According to the tender conditions, the selected developers will sign separate Power Purchase Agreements (PPAs) with the respective client organisations. Each PPA will remain valid for 25 years from the commercial operation date (COD) of the project, providing long-term revenue visibility for developers.

The tender also requires developers to submit performance guarantees and service charges before PPA execution. SECI will facilitate the PPA signing process after verifying compliance with the tender’s technical, financial, and shareholding requirements. Developers executing projects through Special Purpose Vehicles (SPVs) must maintain the prescribed controlling shareholding for at least one year after project commissioning.

The initiative is expected to support India’s rooftop solar expansion by enabling government and institutional consumers to adopt clean energy under the RESCO model while reducing upfront investment requirements. The projects will also contribute to increasing distributed renewable energy capacity and advancing the country’s clean energy transition.

The Solar Energy Corporation of India (SECI) has invited bids from Solar Power Developers (SPDs) for the development of 5.29 MW (5,290 kW) of grid-connected rooftop solar photovoltaic (RTSPV) projects under the RESCO (Renewable Energy Service Company) mode through tariff-based competitive bidding. The initiative forms part of RTSPV Tranche-XII and aims to expand rooftop solar deployment across multiple client organisations.

Under the tender, the selected developers will be responsible for the complete design, engineering, procurement, supply, installation, testing, commissioning, and operation and maintenance (O&M) of the rooftop solar projects throughout the term of the Power Purchase Agreement (PPA). The scope also includes obtaining grid connectivity approvals, net-metering permissions, insurance, and all statutory clearances required for project execution.

The projects will be implemented under the RESCO model, wherein developers will invest in, own, operate, and maintain the rooftop solar plants while supplying electricity to the respective client organisations. The rooftop solar systems will primarily utilise photovoltaic technology, with the tender remaining technology-agnostic for eligible solar PV solutions.

SECI stated that the estimated cumulative project capacity is around 5,290 kW, while the final capacity for each project will be confirmed during the execution of the Power Purchase Agreement following site assessments and mutual agreement between the developer and the client organisation.

According to the tender conditions, the selected developers will sign separate Power Purchase Agreements (PPAs) with the respective client organisations. Each PPA will remain valid for 25 years from the commercial operation date (COD) of the project, providing long-term revenue visibility for developers.

The tender also requires developers to submit performance guarantees and service charges before PPA execution. SECI will facilitate the PPA signing process after verifying compliance with the tender’s technical, financial, and shareholding requirements. Developers executing projects through Special Purpose Vehicles (SPVs) must maintain the prescribed controlling shareholding for at least one year after project commissioning.

The initiative is expected to support India’s rooftop solar expansion by enabling government and institutional consumers to adopt clean energy under the RESCO model while reducing upfront investment requirements. The projects will also contribute to increasing distributed renewable energy capacity and advancing the country’s clean energy transition.

The Solar Energy Corporation of India (SECI) has invited bids from Solar Power Developers (SPDs) for the development of 5.29 MW (5,290 kW) of grid-connected rooftop solar photovoltaic (RTSPV) projects under the RESCO (Renewable Energy Service Company) mode through tariff-based competitive bidding. The initiative forms part of RTSPV Tranche-XII and aims to expand rooftop solar deployment across multiple client organisations.

Under the tender, the selected developers will be responsible for the complete design, engineering, procurement, supply, installation, testing, commissioning, and operation and maintenance (O&M) of the rooftop solar projects throughout the term of the Power Purchase Agreement (PPA). The scope also includes obtaining grid connectivity approvals, net-metering permissions, insurance, and all statutory clearances required for project execution.

The projects will be implemented under the RESCO model, wherein developers will invest in, own, operate, and maintain the rooftop solar plants while supplying electricity to the respective client organisations. The rooftop solar systems will primarily utilise photovoltaic technology, with the tender remaining technology-agnostic for eligible solar PV solutions.

SECI stated that the estimated cumulative project capacity is around 5,290 kW, while the final capacity for each project will be confirmed during the execution of the Power Purchase Agreement following site assessments and mutual agreement between the developer and the client organisation.

According to the tender conditions, the selected developers will sign separate Power Purchase Agreements (PPAs) with the respective client organisations. Each PPA will remain valid for 25 years from the commercial operation date (COD) of the project, providing long-term revenue visibility for developers.

The tender also requires developers to submit performance guarantees and service charges before PPA execution. SECI will facilitate the PPA signing process after verifying compliance with the tender’s technical, financial, and shareholding requirements. Developers executing projects through Special Purpose Vehicles (SPVs) must maintain the prescribed controlling shareholding for at least one year after project commissioning.

The initiative is expected to support India’s rooftop solar expansion by enabling government and institutional consumers to adopt clean energy under the RESCO model while reducing upfront investment requirements. The projects will also contribute to increasing distributed renewable energy capacity and advancing the country’s clean energy transition.

The Solar Energy Corporation of India (SECI) has invited bids from Solar Power Developers (SPDs) for the development of 5.29 MW (5,290 kW) of grid-connected rooftop solar photovoltaic (RTSPV) projects under the RESCO (Renewable Energy Service Company) mode through tariff-based competitive bidding. The initiative forms part of RTSPV Tranche-XII and aims to expand rooftop solar deployment across multiple client organisations.

Under the tender, the selected developers will be responsible for the complete design, engineering, procurement, supply, installation, testing, commissioning, and operation and maintenance (O&M) of the rooftop solar projects throughout the term of the Power Purchase Agreement (PPA). The scope also includes obtaining grid connectivity approvals, net-metering permissions, insurance, and all statutory clearances required for project execution.

The projects will be implemented under the RESCO model, wherein developers will invest in, own, operate, and maintain the rooftop solar plants while supplying electricity to the respective client organisations. The rooftop solar systems will primarily utilise photovoltaic technology, with the tender remaining technology-agnostic for eligible solar PV solutions.

SECI stated that the estimated cumulative project capacity is around 5,290 kW, while the final capacity for each project will be confirmed during the execution of the Power Purchase Agreement following site assessments and mutual agreement between the developer and the client organisation.

According to the tender conditions, the selected developers will sign separate Power Purchase Agreements (PPAs) with the respective client organisations. Each PPA will remain valid for 25 years from the commercial operation date (COD) of the project, providing long-term revenue visibility for developers.

The tender also requires developers to submit performance guarantees and service charges before PPA execution. SECI will facilitate the PPA signing process after verifying compliance with the tender’s technical, financial, and shareholding requirements. Developers executing projects through Special Purpose Vehicles (SPVs) must maintain the prescribed controlling shareholding for at least one year after project commissioning.

The initiative is expected to support India’s rooftop solar expansion by enabling government and institutional consumers to adopt clean energy under the RESCO model while reducing upfront investment requirements. The projects will also contribute to increasing distributed renewable energy capacity and advancing the country’s clean energy transition.