Singapore’s Vena Energy Gets Green Loan for Kasama Solar Project in Japan

Singapore-based renewable firm, Vena Energy has received a green loan for the 53 MW Kasama Solar Project in Ibaraki Prefecture, Japan.

The Project has the capacity to meet the power needs of over 14,000 households annually, which will be equivalent of reducing over 38,000 tonnes of greenhouse gas emissions and saving up to 54 million litres of water, compared to thermal generation, the firm said in its press statement.

Dwelling on the details, the statement said that the JPY16.9B financing arrangement was led by MUFG Bank, Ltd. with co-financing by Joyo Bank in Japan, and it is in line with Vena Energy’s Green Financing Framework.

“Japan has set ambitious targets for its energy transition strategy, up to 38% of its energy mix coming from renewable energy by the end of 2030, and the Kasama Solar Project is another step towards realizing that goal. We look forward to delivering this project to the host communities in Ibaraki Prefecture,” said Raul Rienda, Head of Vena Energy Japan.

“Vena Energy has been one of the pioneers of the solar, wind and, more recently, energy storage sectors in Japan, and a protagonist of the ongoing Japanese energy transition” said Simone Grasso, Chief Investment Officer of Vena Energy.

He concluded saying, “As we continue to expand our operations and capital investments in the country, we would like to thank Mitsubishi UFJ Bank and Joyo Bank for their support in financing the Kasama project, and our host communities in Ibaraki Prefecture for their continued trust in our local operations and activities.”