September 28 (Renewables Now) - Singapore-based renewables company Vena Energy announced that it has secured a credit line of USD 550 million (EUR 522.9m) to strengthen its financial flexibility and corporate liquidity.
The financing comes in the form of a five-year multicurrency unfunded Green Letter of Credit Facility, with lead arrangers including, among others, BNP Paribas, Credit Agricole Corporate and Investment Bank Singapore Branch and DBS Bank Ltd.
“This facility will be instrumental to our organic growth across the region, as we continue to pursue our mission to accelerate the energy transition across APAC,” Vena’s CIO Simone Grasso said.
The funds will be used for projects focused on climate change mitigation, and pollution prevention and control, according to a press release.
Vena Energy is active in the development, construction and operation of onshore and offshore wind and solar parks, as well as stationary and transportable energy storage. Its portfolio stood at 45 GW as of end-June.
Last month, the company signed a framework agreement to study opportunities for the creation of local production lines in Indonesia for components for solar photovoltaic panels and energy storage systems. In July, it launched a 51-MW solar park in Japan’s central prefecture of Ishikawa.
(USD 1 = EUR 0.950)