Norfund and Impact Fund Denmark to Invest in Vena Energy's 500 MWp Ixus Bugallon Solar Power Project in the Philippines

Norfund and Impact Fund Denmark have signed agreements to invest a combined 49% equity interest in the 500 MWp Ixus Bugallon Solar Power Project in Bugallon, Pangasinan, Philippines.

The transaction remains subject to the approval of the Philippine Competition Commission ("PCC") and other customary closing conditions.

The project is expected to supply the equivalent annual electricity needs of approximately 650,000 Philippine households and avoid approximately 570,000 tonnes of CO₂ emissions annually once operational.

Singapore, 26 October 2026 – Vena Energy, Norfund, the Norwegian Investment Fund for Developing Countries, and Impact Fund Denmark announced that they 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. The Ixus Bugallon Solar Power Project represents a significant addition to the Philippines’ growing renewable energy capacity.

Awarded under the Philippine Department of Energy’s second Green Energy Auction Program (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 USD 310 million in senior debt financing from a syndicate of eight international banks. This reflects strong international lender appetite for quality large-scale renewable energy infrastructure in the Philippines.

The transaction is expected to contribute to the continued growth of renewable energy generation capacity in the country while supporting long term sustainability objectives.

Nitin Apte, Chief Executive Officer of Vena Group, 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.”

Simone Grasso, Chief Investment Officer of Vena Group and Global Head of Vena Nexus, said, “This transaction represents another important milestone in our institutional partnership strategy. 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. We look forward to progressing the transaction towards completion.”

Erik Sandersen, Chief Executive Officer of Norfund, said, “Norfund’s Climate Investment Fund is set up to avoid emissions in emerging markets, and the Ixus Bugallon Solar Power Project is a great example of what what we want to do more of. The project is expected to avoid more than half a million tonnes of CO2 every year. We are very happy to partner with Vena Energy and Impact Fund Denmark to contribute to the renewable energy transition in the Philippines.”

Lars Bo Bertram, Chief Executive Officer of Impact Fund Denmark, said, “The Philippines is a growing economy, and demand for electricity is rising rapidly. Today, however, a large share of the country’s electricity is generated from coal. To ensure that economic growth does not lead to even higher emissions, significant investment in renewable energy is needed. This project demonstrates how economic growth and the green transition can go hand in hand.”

Vena Energy Welcomes DENR Secretary Cuna to Ilocos Norte Solar Projects

[ILOCOS NORTE, Philippines] Department of Environment and Natural Resources (DENR) Secretary Juan Miguel Cuna visited Vena Energy’s solar facilities in Currimao and Paoay, Ilocos Norte, on 10 September 2026.

During the visit, Vena Energy representatives briefed Secretary Cuna and the DENR delegation on the company’s operational and upcoming solar projects in the province. Vena Energy currently has two operational solar power plants in Currimao, operated by Mirae Asia Energy Corporation and Nuevo Solar Energy Corp., as well as two projects under development: the Astra Solar Power Project in Currimao and the Opus Solar Power Project in Paoay.

Vena Energy Marks World Environment Day with Major Tree-Planting Initiative in Antipolo, Rizal, Philippines

[MANILA, PHILIPPINES – 5 June 2026] – Vena Energy, a leading green energy solutions provider in the Asia-Pacific region, marked World Environment Day with a large-scale ceremonial tree-planting initiative in Sitio Kilingan, Barangay San Jose, Antipolo City, Rizal. The activity brought together 19 employee volunteers from across the organization and 100 members of the local People’s Organization, a community conservation group, to support the national goal of planting at least five million trees nationwide by 2028. 

Held under the theme "Plant a Tree, Make a Change Today!", the initiative supports the Department of Environment and Natural Resources' (DENR) Forests for Life (FFL) programme. Employee volunteers made an early start, arriving at the site equipped with the necessary tools and planting 200 seedlings (50 molave, 100 white lauan, 50 soursop), demonstrating the company's commitment to environmental stewardship.

"As a company dedicated to accelerating the energy transition, we ensure that our responsibility to the environment extends beyond our renewable energy projects," said Samrinder Nehria, Head of Vena Energy in the Philippines. "This ceremonial tree planting is our first step in honouring the commitment we have made to adopt and plant on an initial 50 hectares of forest land, with the aim of adopting more areas in the country that need our support and where tangible, hands-on actions are called for to ensure the promise of sustainable development is kept."

The tree-planting activity follows the Memorandum of Agreement (MOA) signed between Vena Energy and the DENR on 11 February 2026, formalizing the company's support for the FFL programme. The FFL aims to establish at least 5 million indigenous forest tree species nationwide, from 2025 to 2028, to address forest conservation, biodiversity restoration and climate change mitigation, while enhancing community livelihoods and private-sector engagement.

A second MOA was also signed at this week’s event between Vena Energy and the People’s Organization, Samahan ng Magsasaka sa Kilingan-Panusugin, Inc. (SMKPI), committing the company to plant 28,000 trees across 50 hectares of land in Rizal. The agreement is the SMKPI’s first with a private sector partner, and SMKPI will oversee the establishment and maintenance of the 50-hectare plantation.

Bryan Ulic-Ulic, Provincial Environment and Natural Resources Office (PENRO) Rizal Community-Based Forest Management (CBFM) Provincial Coordinator1, said: “This is the very first signing of an agreement with a People’s Organization. Let us not waste this opportunity. The importance of trees includes both tangible and intangible benefits. For example, better climatic conditions - we cannot pay for that. The motto of the CBFM is ‘People first and sustainability will follow,’ and this initiative will be one of our solutions for our sustainable environment.” 

The Antipolo site was carefully selected for its ecological significance to the Greater Metro Manila area. As the host province for several of the company's key renewable energy projects and ongoing community programmes, Rizal remains a primary focus of Vena Energy's environmental stewardship efforts.

The initiative reflects Vena Energy's broader sustainability strategy and strong culture of corporate social responsibility. By encouraging employees to actively engage in environmental conservation efforts, the company continues to foster a workplace culture that values sustainability, community partnership, and collective action.

1PENRO is the primary provincial-level implementing arm of the DENR, which manages land dispositions, environmental permits, protected areas, and local forestry projects. The CBFM develops strategies to manage, protect, and rehabilitate forestlands.

Vena Energy Delivers Second Community Fund Turnover to Quezon Indigenous Peoples

[Philippines, 15 May 2026] Quezon Wind Energy Corp. (QWEC), a subsidiary of Vena Energy, a leading green energy solutions provider across the Asia-Pacific region, marked another key milestone in its community relations efforts through a check turnover ceremony today in Quezon City for its host community, the Dumagat/Remontado Indigenous Peoples (IPs) of General Nakar, Quezon.  

The event demonstrated Vena Energy’s continuous efforts in supporting its host communities beyond respecting their rights and heritage. The turnover formalizes the Quezon IPs’ receipt of their community funds under the Free, Prior and Informed Consent (FPIC) process, through the Pigtaanan ne Dumagat – Remontado de General Nakar, Quezon (PDRGNQ), the Implementing IP Organization.

This partnership reflects Vena Energy’s support for community-led development initiatives based on the priorities identified by the host IPs. These include infrastructure improvements, access to education, sustainable livelihood programs, and improved healthcare.

Vena Energy representatives led by Mia Jarumayan, Head of Business Development, Project Development, attended the event alongside Quezon IP leaders and elders. Samrinder Nehria, Head of Vena Energy in the Philippines, stated, “Empowering the Quezon IPs is at the heart of our mission. We are dedicated to ensuring that our green energy initiatives translate into tangible, long-term benefits for the communities that graciously host us, fostering a future built on mutual respect and sustainable progress.”

A Sustainable Partnership

Such partnerships have proven to be a successful model for private-public collaborations in the renewable energy sector. As Vena Energy strictly adheres to the FPIC process, all of the company’s projects continue to be built based on transparent communication and mutual respect. “Ang matatag na suporta mula sa Vena Energy ay nagbibigay ng lakas ng loob sa aming komunidad na isulong ang makabuluhang pag-unlad habang pinapangalagaan ang aning pamanang kultural. ” shared Melecio Rotaquio, Chairman of the Board of Directors, Pigtaanan ne Dumagat Remontado de General Nakar Quezon (PDRGNQ), Inc.

National Commission on Indigenous Peoples (NCIP) Region 4A Regional Director Dr. Carlos Buasen, Jr. added, “It is inspiring to witness a corporate partner truly value the ancestral domains and the people who protect them. Vena Energy sets a remarkable standard for responsible and inclusive community engagement.”

This second check turnover ceremony, following the 21 April ceremony with the Tanay Dumagat Remontado Indigenous Cultural Communities, is a further demonstration of Vena Energy’s commitment to its partnerships with indigenous communities across Quezon, grounded in shared growth and mutual respect. By integrating community-led development into its core operations, Vena Energy reinforces its dedication to honoring ancestral domain rights and supporting self-determination. This reflects how renewable energy can contribute not only to the national grid, but to the long-term aspirations of the Filipino people.