Norfund and Impact Fund Denmark have agreed to invest a combined 49% equity interest in Vena Energy’s 500MW-peak Ixus Bugallon Solar Power facility (Lasso 2) in Pangasinan, the Philippines.
The investment agreements remain subject to approval by the Philippine Competition Commission and other closing conditions.
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The Ixus Bugallon solar project was awarded under the Philippines’ Department of Energy’s second Green Energy Auction Programme.
Construction is currently under way, with operational launch expected in 2027.
Once fully operational, the facility is expected to generate approximately 815GW-hours of electricity per year, which Vena Energy said equates to the annual consumption of around 650,000 Filipino homes.
The project is also expected to help the country avoid an estimated 570,000 tonnes per annum (tpa) of carbon dioxide (CO₂) emissions.
Financial close for the project was reached in July 2026. The development secured around $310m in senior debt financing from a consortium of eight international banks.
Norfund’s participation in the project is through the Climate Investment Fund.
Impact Fund Denmark is investing via its Danish SDG Investment Fund II, which involves Danish pension funds PenSam, PFA, P+, PKA and PBU.
Coverage for the investment is provided under an EU guarantee framework.
Vena Energy is developing the solar plant and will also operate it. The company is a renewable energy developer in Asia-Pacific, with 3.2GW of solar and wind projects already operational and a further 4GW in construction or development.
Vena Group CEO Nitin Apte said: “We are pleased to partner with Norfund and Impact Fund Denmark for the Ixus Bugallon Solar Power 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.
“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.”
In March 2026, Vena Group secured a long-term contract valued at $141.7m (A$200m) with InCommodities for the Bellambi Heights battery energy storage system in central-west New South Wales, Australia.
