Vena Energy, partners expand in the Philippines with 500 MWp solar power project

Singapore-based green solutions provider Vena Energy, Norwegian investment fund Norfund, and Danish impact investor Impact Fund Denmark have signed agreements on investing a combined 49% equity interest in the 500 MWp Ixus Bugallon Solar Power Project in Bugallon, Pangasinan, Philippines.

Completion of the transaction is subject to the approval of the Philippine Competition Commission (PCC), and other customary closing conditions. Awarded under the country’s Department of Energy’s second Green Energy Auction Programme (GEAP 2), the Ixus Bugallon Solar Power Project is expected to generate enough renewable power to supply the equivalent annual electricity needs of approximately 650,000 Philippine households once operational, while avoiding around 570,000 tonnes of CO2 emissions annually.

The project reached financial close in July 2026, securing approximately US$ 310 million in senior debt financing from a syndicate of eight international banks. The transaction is expected to contribute to the continued growth of renewable energy generation capacity in the country while supporting long term sustainability objectives.