Norfund and Impact Fund Denmark have signed agreements to invest a combined 49% equity interest in the Ixus Bugallon Solar Power Project, a 500 MWp facility in Bugallon, Pangasinan, in the Philippines. Vena Energy announced the transaction from Singapore on 16 October 2026, together with Norfund, the Norwegian Investment Fund for Developing Countries, and Impact Fund Denmark. Completion remains subject to approval by the Philippine Competition Commission (PCC) and other customary closing conditions. The solar sector is drawing other financing as well, such as Jyske Bank's funding of the construction of European Energy's 57.4 MWp project.

A project awarded under a public auction

The project was awarded under the Philippine Department of Energy's second Green Energy Auction Program (GEAP 2). Once operational, it is expected to supply the equivalent annual electricity needs of about 650,000 Philippine households, according to Vena Energy. The company also estimates that it would avoid around 570,000 tonnes of CO₂ emissions per year.

In Europe, far smaller transactions are multiplying, such as four contracts worth €225 million signed by GES for 12 solar plants in Aragon. The Philippine project stands out for its 500 MWp capacity.

$310 million of senior debt already raised

The project reached financial close in July 2026. It secured about $310 million in senior debt financing from a syndicate of eight international banks, according to the statement. Vena Energy sees this as a sign of strong appetite among international lenders for large-scale renewable infrastructure in the Philippines.

Simone Grasso, Chief Investment Officer of Vena Group and Global Head of Vena Nexus, describes the transaction as a milestone in the group's institutional partnership strategy. He says it would allow Vena Energy to retain long-term ownership and operational involvement while rotating capital into its construction programmes and future growth.

The partners' positions

Nitin Apte, Chief Executive Officer of Vena Group, stresses that the Philippines is an important market for the company. Erik Sandersen, Chief Executive Officer of Norfund, says the institution's Climate Investment Fund is set up to avoid emissions in emerging markets. He states that the project is expected to avoid more than half a million tonnes of CO₂ every year.

Lars Bo Bertram, Chief Executive Officer of Impact Fund Denmark, notes that electricity demand is rising rapidly in the Philippines and that a large share of the country's generation still relies on coal. In his view, significant investment in renewable energy is needed to prevent emissions from rising further. In the United States, land use weighs on solar development, as shown by the exclusion of solar and wind on cropland from the USDA's rural energy program.

The transaction remains subject to PCC approval at this stage. Once completed, Norfund and Impact Fund Denmark would join Vena Energy as shareholders in the Bugallon project.