Manila: Another solar farm will rise in the coastal village of Paguludan-Salindeg here. The new 75-megawatt Astra Solar Power Project, implemented under Vena Energy's growing renewable energy footprint in the province, forms part of the national government's efforts to expand clean energy sources while ensuring compliance with environmental laws. The laying of a time capsule ceremony Tuesday was attended by officials of the Department of Energy, Department of Environment and Natural Resources, and Philippine Board of Investments. "Ilocos Norte is so lucky to have this opportunity and partnership," Ilocos Norte Governor Cecilia Araneta-Marcos said.
According to Philippines News Agency, Vena Energy currently operates two other solar facilities in the province. Once operational, the Astra project will generate approximately 142 gigawatt-hours of clean energy annually, enough to power some 120,500 households. Commercial operation is expected in the fourth quarter of this year. The company states that this is equivalent to avoiding approximately 95,400 tonnes of greenhouse gas emissions each year, comparable to planting over 1.5 million trees.
The Singapore-based Vena Energy said it secured fresh funds, with Security Bank Capital serving as the mandated lead arranger, green loan coordinator, and hedging bank. Mayor Edward Quilala expressed gratitude to the national government and Vena Energy's partners for considering Currimao as the host of three solar projects. "Thank you for making Currimao part of the renewable energy roadmap," Quilala said.
Aside from real property tax collections and helping reduce fossil fuel consumption, the municipal government and host villages benefit from the company's corporate social responsibility (CSR) projects, including financial assistance to student-achievers joining international competitions. In 2014, the Ilocos Norte board passed an ordinance requiring all business investors in the province to submit proposed CSR projects before the board issues a resolution of endorsement and support. Among the biggest CSR donors in the province are renewable energy firms with billions of investments in solar and wind farm installations in the towns of Pagudpud, Bangui, Burgos, and Currimao.
