Crédit Agricole CIB has successfully completed its first renewable financing in the Philippines with a $210 million investment in Vena Energy's Opus Solar project, marking a significant step forward in the country's clean energy sector.
Target Information
Crédit Agricole CIB has completed its inaugural renewable financing in the Philippines for the Vena Energy-operated 300 MWp Opus Solar energy project located in northern Luzon. This milestone underscores Crédit Agricole CIB's commitment to advancing renewable energy initiatives in the region. The project gained prominence after being awarded capacity during the Philippines’ second Green Energy Auction Programme in 2023, benefiting from a 20-year Renewable Energy Payment Agreement (REPA) with the National Transmission Corporation.
The financing structure includes a $210 million green loan facility designed to support the project's existing performance bond required by the Department of Energy in the Philippines. Notably, this initiative marks the first US dollar-denominated project financing in the country's renewable energy sector, entirely supported by international banks, establishing a precedent for future financing frameworks within the local clean energy industry.
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Industry Overview
The Philippines is experiencing a transformation towards renewable energy, aiming to increase its renewable energy mix to 35% by 2030 and 50% by 2040. This strategic shift is propelled by abundant renewa
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Crédit Agricole CIB
invested in
Vena Energy
in 2025
in a Other deal
Disclosed details
Transaction Size: $210M