Security Bank Corp. has closed a ₱2.7-billion, 15-year green project finance deal to support an 80.6-megawatt (MW) solar power plant in Currimao, Ilocos Norte, strengthening its efforts into renewable energy financing in the Philippines.
The funding will go to Astra Solar Energy Corp., which is building the large-scale solar facility as part of a growing clean energy hub in the province. The project adds to the country’s expanding solar capacity as demand for cheaper and more sustainable power surges.
Security Bank served as sole lender, green loan coordinator, and hedging bank for the transaction. Its investment arm, Security Bank Capital Investment Corp., acted 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 head of the Wholesale Banking Segment at Security Bank.
The Currimao project sits alongside two other solar developments: a 20MW plant by Mirae Asia Energy Corp. and an 83MW facility by Nuevo Solar Energy Corp. Both are owned and operated by Vena Energy. Security Bank is the sole lender for all three adjacent projects, making it as a key financier in one of the country’s emerging solar clusters.
“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.”
Security Bank’s latest deal adds to a growing portfolio of renewable energy investments. To date, the bank has supported 25 renewable projects with a combined capacity of about 1,580MW, reinforcing its role in funding infrastructure tied to the Philippines’ low-carbon transition.
The deal also highlights how local banks are stepping up financing for solar power, a key area as the country works to cut dependence on fossil fuels and manage rising electricity costs.