Norfund and Impact Fund Denmark Take 49% of Vena Energy's 500 MWp Philippine Solar Project

Norfund and Impact Fund Denmark are taking a 49% equity stake in Vena Energy's 500 MWp Ixus Bugallon Solar Power Project in the Philippines, the project's developer said. DealStreetAsia reported the investment, which follows the project's July financial close and remains subject to approval by the Philippines Competition Commission.

Norfund's Stake in the Ixus Bugallon Project

Vena Energy, a Singapore-headquartered firm, develops, owns and operates energy and digital infrastructure assets across Asia Pacific. Norfund is the Norwegian government's development finance institution, founded in 1997, which invests equity and risk capital in renewable energy, financial inclusion, scalable enterprises and green infrastructure businesses across more than 40 developing countries.

The 500 MWp project is sited in Bugallon, Pangasinan, in northern Luzon, next to Vena Energy's existing 550 MWp solar project. Once operational, it is expected to generate enough renewable energy to supply the equivalent annual electricity needs of about 650,000 Philippine households. The project reached financial close in July after securing about $310 million in senior debt financing from a syndicate of eight international banks, including BNP Paribas, Crédit Agricole Corporate and Investment Bank, DBS Bank and ING Bank.

"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 programmes and future growth," Simone Grasso, Vena Group's chief investment officer, said in the statement.

Vena Energy was acquired by Global Infrastructure Partners in 2018. The Philippines is targeting renewable energy to account for more than 50% of its power generation mix by 2050, up from about 25% currently. As of 2024, coal and oil accounted for about 35% and 29% of the country's energy supply, respectively, according to the International Energy Agency.

Norfund's Recent Investment Record

According to akta.pro company records, Norfund and IFC jointly announced an $83.2 million investment in Distributed Power Africa in May 2026 to deploy solar-hybrid mini-grids across Nigeria, targeting roughly 500,000 new electricity connections. Norfund's total portfolio size stood at 45.5 billion NOK at the end of 2025, with new commitments of 8.4 billion NOK in 2025. The same records list 788,000 total jobs in portfolio companies by the end of 2025.

Norfund's Deals Before the Philippine Project

In September 2026, AMPIN Energy Transition secured up to $100 million in equity from Norfund, routed through the Norwegian Climate Investment Fund, The Times of India reported. In August 2026, Next Utility Ventures, Augment Infrastructure and Norfund led a USD129m Series C for Erco, a Colombia-based renewable energy generation and storage company, LAVCA reported. In May 2026, Norfund joined Ghana's Investment Support Programme as a co-funder, Africa Private Equity News reported.

Approval Pending in the Philippines

The transaction is still subject to the approval of the Philippines Competition Commission.