Vena Energy, Norfund, the Norwegian Investment Fund for Developing Countries, and Impact Fund Denmark announced on 16 October 2026 that they have signed agreements under which Norfund and Impact Fund Denmark will invest a combined 49% equity interest in the 500 MWp Ixus Bugallon Solar Power Project in Bugallon, Pangasinan, in the Philippines.

Equity Agreements Signed for Pangasinan Solar Development

The transaction remains subject to approval by the Philippine Competition Commission (PCC) and other customary closing conditions before completion. The announcement was made from Singapore, where Vena Group is headquartered.

The Ixus Bugallon Solar Power Project was awarded under the Philippine Department of Energy's second Green Energy Auction Program (GEAP 2). Once operational, it is expected to generate enough renewable power to supply the equivalent annual electricity needs of approximately 650,000 Philippine households while avoiding around 570,000 tonnes of CO2 emissions annually.

Financial Close Secured with USD 310 Million in Senior Debt

The project reached financial close in July 2026, securing approximately USD 310 million in senior debt financing from a syndicate of eight international banks. According to the announcement, this level of lending reflects strong international lender appetite for quality large-scale renewable energy infrastructure in the Philippines.

The transaction is expected to contribute to the continued growth of renewable energy generation capacity in the country while supporting long-term sustainability objectives.

Vena Energy: Institutional Capital Meets Development Capability

Nitin Apte, Chief Executive Officer of Vena Group, said the company is pleased to partner with Norfund and Impact Fund Denmark on the project. "The Philippines is an important market for Vena Energy, and this project demonstrates the scale of renewable energy infrastructure that can be delivered by bringing together strong development capabilities and long-term institutional capital," Apte said.

"Together we look forward to supporting the Philippines' energy transition and contributing to sustainable economic development as we continue to engineer a greener future across Asia-Pacific."

Simone Grasso, Chief Investment Officer of Vena Group and Global Head of Vena Nexus, described the transaction as another important milestone in the company's institutional partnership strategy.

"Once complete, it will bring Norfund and Impact Fund Denmark alongside Vena Energy, allowing us to retain long-term ownership and operational involvement while rotating capital into our construction programs and future growth," Grasso said. "We look forward to progressing the transaction towards completion."

Norfund Points to Emissions Impact

Erik Sandersen, Chief Executive Officer of Norfund, said the organization's Climate Investment Fund is set up to avoid emissions in emerging markets, and that the Ixus Bugallon Solar Power Project is a strong example of what it wants to do more of.

He noted that the project is expected to avoid more than half a million tonnes of CO2 every year, and expressed satisfaction at partnering with Vena Energy and Impact Fund Denmark to contribute to the renewable energy transition in the Philippines.

Norfund is owned and funded by the Norwegian government and serves as the government's most important tool for strengthening the private sector in developing countries and reducing poverty. Its committed portfolio amounts to USD 4.5 billion, with investments across Sub-Saharan Africa, South/Southeast Asia, and Latin America.

Norfund also manages the Norwegian Climate Investment Fund, which focuses on reducing or avoiding greenhouse gas emissions by investing in renewable energy in developing countries with large emissions from coal and other fossil fuel production.

Impact Fund Denmark on Growth and the Green Transition

Lars Bo Bertram, Chief Executive Officer of Impact Fund Denmark, framed the investment in the context of the Philippines' rapid economic growth and rising electricity demand.

"Today, however, a large share of the country's electricity is generated from coal," Bertram said. "To ensure that economic growth does not lead to even higher emissions, significant investment in renewable energy is needed. This project demonstrates how economic growth and the green transition can go hand in hand."

Impact Fund Denmark is a Danish impact investor and Denmark's Development Finance Institution, contributing to green, just, and inclusive societies and supporting the Sustainable Development Goals. It provides risk capital to companies operating in developing countries across Africa, Asia, Latin America, and Ukraine, with investments made on commercial terms in the form of equity, loans, and guarantees.

Vena Group's Asia-Pacific Platform

Vena Global Group Pte Ltd, known as Vena Group, is a green solutions provider driving the energy and digital infrastructure transition across the Asia-Pacific region. Through its renewable energy arm, Vena Energy, and its digital infrastructure platform, Vena Nexus, the group develops, owns, and operates integrated, sustainable, and cost-effective solutions supporting the region's transition to a low-carbon and AI-enabled future.

The Ixus Bugallon transaction represents a significant addition to the Philippines' growing renewable energy capacity, according to the announcement, and the parties will now work towards completing the deal pending PCC approval and satisfaction of remaining closing conditions.

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