MAKATI CITY — Security Bank Corporation has closed a PHP2.7-billion 15-year green project finance facility for Astra Solar Energy Corp., supporting an 80.6MW solar plant in Currimao, Ilocos Norte, and strengthening its role in financing large-scale renewable infrastructure in the Philippines.
The bank acted as sole lender, green loan coordinator, and Hedging Bank for the transaction, while Security Bank Capital Investment Corporation served as mandated lead arranger and bookrunner.
“This transaction reflects our continued focus on financing infrastructure that supports long-term economic growth and energy transition,” said John Cary Ong, EVP and wholesale banking segment head.
The project forms part of a growing renewable energy cluster in Currimao, alongside Mirae Asia Energy Corp.’s 20MW solar facility and Nuevo Solar Energy Corp.’s 83MW plant, both owned and operated by Vena Energy. Security Bank is the sole lender across all three adjacent projects.
This strengthens the Bank’s position as a primary financial partner of Vena Energy in the Philippines.
“We’re pleased to continue our partnership with Security Bank, who have now financed over 800MW of clean energy capacity with us in the Philippines,” said Simone Grasso, chief investment officer at Vena Group. “This reflects the strong confidence local financial institutions have in the country’s renewable energy sector and in Vena Group’s ability to deliver reliable, clean energy to Filipino communities.”
To date, Security Bank has supported the financing of 25 renewable energy projects across the Philippines.
