Vena Energy, Norfund, and Impact Fund Denmark have signed agreements for a combined 49% equity interest in the 500-megawatt-peak (MWp) Ixus Bugallon Solar Power Project in Bugallon, Pangasinan, marking another milestone in the Philippines’ renewable energy development.
The transaction will bring the Norwegian Investment Fund for Developing Countries (Norfund) and Impact Fund Denmark into the project alongside Vena Energy, strengthening institutional investment in large-scale renewable energy infrastructure. Completion remains subject to approval by the Philippine Competition Commission (PCC) and other customary closing conditions.
Awarded under the Department of Energy’s second Green Energy Auction Program (GEAP 2), the solar project is expected to generate enough renewable electricity to meet the equivalent annual power needs of approximately 650,000 Philippine households once operational. It is also projected to avoid around 570,000 tonnes of carbon dioxide emissions annually.
International Financing Supports Solar Development
The Ixus Bugallon Solar Power Project reached financial close in July 2026, securing approximately US$310 million in senior debt financing from a syndicate of eight international banks. The financing reflects international lenders’ interest in large-scale renewable energy infrastructure in the Philippines.
Beyond adding to the country’s renewable energy capacity, the project is expected to support long-term sustainability objectives as demand for electricity continues to grow.
“We are pleased to partner with Norfund and Impact Fund Denmark for the Ixus Bugallon Solar Power Project,” said Nitin Apte, chief executive officer of Vena Group. He noted that the project demonstrates how strong development capabilities and long-term institutional capital can work together to deliver renewable energy infrastructure and support the Philippines’ energy transition.
Simone Grasso, chief investment officer of Vena Group and global head of Vena Nexus, described the transaction as an important milestone in the company’s institutional partnership strategy. The arrangement will allow Vena Energy to retain long-term ownership and operational involvement while rotating capital into its construction programs and future growth.
Investors Back The Philippines’ Energy Transition
For Norfund, the investment aligns with the mandate of its Climate Investment Fund to reduce or avoid emissions in emerging markets through renewable energy development.
“The project is expected to avoid more than half a million tonnes of CO2 every year,” said Erik Sandersen, chief executive officer of Norfund, adding that the partnership supports the Philippines’ transition toward renewable energy.
Lars Bo Bertram, chief executive officer of Impact Fund Denmark, highlighted the importance of renewable energy investment as the Philippine economy grows and electricity demand rises. With a substantial share of the country’s electricity still generated from coal, he emphasized the need for investment that allows economic development to progress alongside emissions reduction.
The partnership brings together renewable energy development expertise and long-term institutional capital to support the continued expansion of clean power generation in the Philippines.
About The Companies
Vena Group is an Asia-Pacific green solutions provider operating through its renewable energy arm, Vena Energy, and digital infrastructure platform, Vena Nexus. The group develops, owns, and operates solutions supporting the region’s transition to a low-carbon and AI-enabled future. Learn more at venagroup.com.
Norfund is the Norwegian Investment Fund for Developing Countries, owned and funded by the Norwegian Government. It invests in businesses that support sustainable development, create jobs, and improve livelihoods. It also manages the Norwegian Climate Investment Fund, which focuses on reducing greenhouse gas emissions through renewable energy investments in developing countries. Learn more at norfund.no.
Impact Fund Denmark is Denmark’s development finance institution and an impact investor supporting green, just, and inclusive societies. It provides risk capital through equity, loans, and guarantees, as well as financing for public infrastructure projects in developing countries. Learn more at impactfund.dk.
