Norfund and Impact Fund Denmark have agreed to acquire a combined 49 percent equity interest in Vena Energy’s 500-megawatt-peak Ixus Bugallon solar project in the Philippines.
The transaction is subject to approval from the Philippine Competition Commission and other customary conditions, according to a joint announcement issued by Norfund. Financial terms and the split of the 49 percent stake between the two development finance institutions were not disclosed.
Project backed by international lenders
The Ixus Bugallon project is under construction in Bugallon, Pangasinan. It was awarded capacity under the Philippine Department of Energy’s second Green Energy Auction Program, which is designed to support the development of new renewable generation.
Vena Energy reached financial close for the project in July 2026 with about $310 million in senior debt from eight international banks. PV Tech reported that the lender group included BNP Paribas and Credit Agricole, corroborating the financing and the planned 49 percent investment.
The parties said the project is expected to generate electricity equivalent to the annual consumption of more than 650,000 Philippine households and avoid about 570,000 metric tons of carbon dioxide emissions each year. Those output and emissions figures are projections supplied by the project sponsors rather than independently verified operating results.
Development investors enter alongside Vena
Norfund is Norway’s development finance institution. Its Climate Investment Fund invests in renewable energy and enabling technologies in developing markets. Impact Fund Denmark is Denmark’s development finance institution and invests in projects intended to support sustainable development in emerging economies.
The investors said the project aligns with efforts to increase renewable generation in the Philippines, where electricity demand is growing and coal remains a large part of the power mix. Their investment adds development-finance equity to the commercial bank debt already committed to the project.
Vena Energy, part of Singapore-headquartered Vena Group, will remain a long-term owner and operator of the asset. The company said bringing in the two investors allows it to recycle capital from the project into construction and future growth while retaining operating responsibility.
The agreement also broadens the group of international institutions financing utility-scale solar in the Philippines. Final completion remains contingent on competition clearance and the other conditions attached to the investment agreements.
A combined 49 percent interest leaves Vena Energy with the majority position, based on the announced structure. The parties did not say whether Norfund and Impact Fund Denmark would receive equal stakes, board representation or other governance rights. They also did not disclose the valuation used for the transaction or how much equity capital each institution will commit.
Part of a larger Philippine renewable portfolio
The 500-megawatt-peak plant is being developed next to Vena Energy’s existing 550-megawatt Bugallon solar project, according to PV Tech. Together, the facilities illustrate the scale of renewable projects now being planned in Luzon as the country seeks additional capacity and lower-carbon generation.
Vena Energy develops, owns and operates renewable energy assets across the Asia-Pacific region. Its Philippine portfolio includes solar and wind projects, while the wider Vena Group also pursues energy storage and digital infrastructure.
The new equity commitment does not change the project’s announced generation timetable, and the parties did not disclose a commercial operation date in the investment announcement. Regulatory approval, construction progress and grid connection will remain important milestones before the plant begins operating.
The announcement also did not provide expected project revenue or a power-purchase price under the auction program. As a result, the immediate significance of the deal is the addition of two development-finance investors and the risk-sharing arrangement, rather than a newly disclosed change to the project’s economics or schedule.
For Norfund and Impact Fund Denmark, the investment offers exposure to a large contracted renewable project in Southeast Asia. For Vena Energy, it provides outside equity while preserving its role as the project’s operator and long-term shareholder.
Featured image: Vena Energy’s existing 550 MWp Bugallon Solar Power Project in Pangasinan, Philippines (Credit: Norfund)