Vena Energy Secures $600 Million Loan to Boost Renewable Projects in APAC

The revolving credit facility will be tied to the company’s ESG performance


Singapore-based renewable energy firm Vena Energy signed a five-year sustainability-linked revolving credit facility worth JP¥87 billion (~$600 million) to accelerate its operations in the Asia-Pacific region.

The company has a renewable energy capacity of over 3 GW and over 4 GW of additional capacity under construction or contract.

The facility is structured as a sustainability-linked loan with credit margins tied to Vena Energy’s performance on key ESG indicators, including its environmental impact, workplace diversity, and health and safety.

The lenders of the facility include BNP Paribas, Crédit Agricole, DBS Bank, ING Bank, MUFG Bank, Intesa Sanpaolo, Sumitomo Mitsui Banking Corporation, Mizuho Bank, Oversea-Chinese Banking Corporation, and Sumitomo Mitsui Trust Bank.

Crédit Agricole acted as the facility agent and issuing bank, while ING Bank and BNP Paribas were the sustainability coordinators.

Nitin Apte, Chief Executive Officer of Vena Energy, said, “Our journey towards a sustainable and resilient future has been marked by dedication and vision, and today we are proud to announce this significant milestone in our journey to environmental, social, and governance excellence. As we move forward, we remain firmly committed to our sustainability goals, leveraging this milestone as a stepping stone towards even greater achievements in the energy transition.”

Last year, Vena Energy achieved the financial closure of the 176 MW wind-solar hybrid project in Karnataka. The project comprised 48 MW of solar capacity and 128 MW of wind capacity.

In the same year, the company secured a JPY16.9 billion (~$121 million) green loan for developing the 53 MW Kasama solar project in Japan.

In 2022, the company secured a green loan of JP¥8.54 billion (~$63.28 million) to construct the 26 MW Kisarazu Shimogori Solar project in Japan. The project was Vena Energy’s first renewable energy project in the Chiba Prefecture of Japan, located in the Kanto region of Honshu Island.