Norfund and Impact Fund Denmark Sign Deals for 49% Stake in Pangasinan Solar Project

The planned investment in Vena Energy’s 500 MWp Ixus Bugallon project remains subject to regulatory approval.

Norfund and Impact Fund Denmark have signed agreements to acquire a combined 49% equity interest in Vena Energy’s 500 MWp Ixus Bugallon Solar Power Project in Bugallon, Pangasinan, bringing two development finance institutions into the Philippine renewable energy project.

Announced on October 26, 2026, the proposed transaction still requires approval from the Philippine Competition Commission and must satisfy other customary closing conditions.

For Philippine readers, the project’s significance lies in the electricity it is expected to produce. According to the companies, once operational, it could generate renewable power equivalent to the annual electricity needs of approximately 650,000 Philippine households.

The companies also estimate that the project could avoid around 570,000 tonnes of carbon dioxide emissions annually. These figures are projected outcomes, rather than results from an operating facility.

Investment follows $310 million debt financing

The Ixus Bugallon project was awarded under the Department of Energy’s second Green Energy Auction Program, or GEAP 2.

It reached financial close in July 2026, securing approximately US$310 million in senior debt financing from a syndicate of eight international banks. That financing is separate from the newly announced equity transaction.

The release did not disclose the value of the proposed equity investment or how the combined 49% interest would be divided between Norfund and Impact Fund Denmark.

Vena Group CEO Nitin Apte said the partnership combines Vena Energy’s development capabilities with long-term institutional capital to support renewable energy infrastructure in the Philippines.

Simone Grasso, Vena Group chief investment officer and global head of Vena Nexus, said the transaction would allow Vena Energy to maintain long-term ownership and operational involvement while making capital available for construction programs and future growth.

Development investors support the energy transition

Norfund is the Norwegian Investment Fund for Developing Countries. Owned and funded by the Norwegian government, it invests in businesses that support sustainable development.

It also manages Norway’s Climate Investment Fund, which invests in renewable energy in developing countries to help reduce or avoid greenhouse gas emissions.

Norfund CEO Erik Sandersen said the Ixus Bugallon project aligns with the fund’s emissions-reduction purpose.

Impact Fund Denmark, Denmark’s development finance institution, provides equity, loans, and guarantees to businesses in developing countries.

Its CEO, Lars Bo Bertram, pointed to the need for renewable energy investment as Philippine electricity demand grows. He said the project illustrates how economic growth can advance alongside the transition to cleaner energy.

A separate solar development in Bugallon

The 500 MWp Ixus Bugallon project is under construction next to Vena Energy’s existing 550 MWp Bugallon Solar Power Project, according to the release. The two facilities are separate developments.

The announcement did not specify when Ixus Bugallon would begin commercial operations.

For now, the milestone is the signing of the investment agreements. Completion of the transaction and the project’s eventual operation will determine when the planned partnership and projected energy benefits become a reality.

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