Security Bank funds P2.7 bilyong solar project in Ilocos Norte

CEBU, Philippines — Security Bank Corporation has arranged a P2.7 billion ($48 million) 15-year green project finance facility for Astra Solar Energy Corp, funding the development of an 80.6MW solar plant in Ilocos Norte, as lenders deepen exposure to the country’s expanding renewables sector.

The bank acted as sole lender, green loan coordinator and hedging bank, while its investment banking arm, Security Bank Capital Investment Corporation, served as mandated lead arranger and bookrunner.

The project, located in Currimao, forms part of a growing solar cluster in northern Ilocos Norte, alongside facilities operated by Vena Energy, including a 20MW plant under Mirae Asia Energy Corp. and an 83MW installation by Nuevo Solar Energy Corp.

Security Bank is the sole lender across the three adjacent projects, reinforcing its position as a key financing partner for Vena Energy in the Philippines.

John Cary Ong, the bank’s head of wholesale banking, said the transaction emphasized its focus on infrastructure aligned with long-term economic growth and the energy transition.

The deal adds to a growing pipeline of renewable investments backed by domestic lenders, as the Philippines seeks to expand clean energy capacity and reduce reliance on imported fuels.

Vena Energy said local banks’ participation reflects rising confidence in both the regulatory environment and project execution capabilities in the sector.

Security Bank has financed 25 renewable energy (RE) projects nationwide to date, and has supported more than 800MW of clean energy capacity developed with Vena Energy, according to the companies.

Founded in 1951 and listed on the Philippine Stock Exchange (PSE), Security Bank is among the country’s mid-sized universal lenders, with businesses spanning retail, corporate and investment banking. It maintains a strategic alliance with MUFG Bank, providing clients access to international markets.