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.

Easy Energy SAVERS at SM

With longer, hotter days and a growing focus on smarter energy use, homeowners are turning to a new generation of smart energy essentials that blend convenience, performance, and sustainability. At SM, practical solutions from ACE Hardware, SM Home, and SM Appliance Center make it easier to keep homes running efficiently without overthinking daily routines.

SOLAR POWER ON THE GO

Portable solar solutions are becoming a practical entry point to energy-smart living. At ACE Hardware, brands like Anker offer lightweight solar panels such as the SOLIX PS100 and PS200, designed for everyday use, not just outdoor trips. With up to 23% energy conversion efficiency and adjustable angles for better sunlight capture, these panels can generate usable power even in less-than-ideal conditions. Pair these solar panels with portable power stations like the SOLIX C200 or the high-capacity C1000 Gen 2, and you have a reliable backup for gadgets and even small appliances. The bigger model can power multiple devices at once, recharge in under an hour, and even lets you monitor usage through an app. This makes it easier to stay aware of how much energy you are actually consuming.

SOLAR LIGHTING FOR OUTDOOR SPACES 

Lighting is one of those everyday essentials that quietly adds to your monthly bill. Switching to solar-powered options can make a noticeable difference over time. Trusted names like Philips offer solar flood lights in 4W, 6W, and 10W variants, ideal for everything from small gates to wider driveways. Built for tropical conditions, they provide dependable brightness without tapping into your home’s electricity. 

For more flexible lighting, Firefly LED solar lamps are a practical choice. They are dimmable, can last up to 40 hours on a full charge, and include protection features that extend battery life. That means fewer replacements and less energy waste over time. 

There is also room for style. The Living Accents Bamboo Solar Lamp blends natural materials with function. It runs on solar energy and can be filled with citronella oil, adding a soft glow while helping keep insects at bay. It is a small upgrade that brings both comfort and efficiency to outdoor evenings.

INVERTER APPLIANCES FOR EFFICIENCY

Inside the home, inverter technology is becoming a go-to for energy-conscious households. Unlike traditional appliances that run at full power all the time, inverter models adjust based on actual need, reducing unnecessary energy use. At SM Home and SM Appliance Center, options from brands like Hanabishi, Panasonic, and TCL make upgrading easier. Think inverter refrigerators that maintain cooling efficiently, tower fans that regulate airflow without overworking, or air conditioners that stabilize room temperature without constant power spikes. Even washer-dryer combos now use inverter systems to optimize each cycle. These appliances maintain performance while reducing power spikes and overall consumption.

SMARTER KITCHEN CHOICES

Daily cooking is another area where energy quietly accumulates. The good news is that a few smart swaps can go a long way. At SM Home, brands like Imarflex offer kitchen essentials designed with efficiency in mind. A digital slow cooker, for example, uses low, steady heat to prepare larger meals while using less energy. Meanwhile, infrared and induction cookers deliver direct heat, cooking food faster and more efficiently than traditional stoves. 

From solar solutions to inverter appliances, energy-saving upgrades are becoming more practical and accessible. At SM, households can adopt smarter choices that support comfort, convenience, and lower energy use in everyday life.

Jollibee Group Powers Up its Largest Solar Panel Installation to Date

MANILA, Philippines. 07 February 2024. –  The Jollibee Group continues to accelerate its shift to renewable energy by operating 6,300 solar panels in its Canlubang Baking Facility (CBF), the company's most extensive solar panel installation to date. This initiative is part of the Jollibee Group’s commitment to more sustainable business practices guided by its global sustainability agenda, Joy for Tomorrow.

The Jollibee Group, through its subsidiary Zenith Foods Corporation (ZFC), has collaborated with First Gen Corporation, through Pi Energy Inc., to energize 1/3 of the Jollibee Group’s manufacturing facility with solar-powered electricity. Officials of both the Jollibee Group and First Gen Corporation led the switch-on rites together with Calamba City Mayor Roseller Rizal last January 9, 2024, in Canlubang, Laguna.

During the ceremony, Jollibee Group Supply Chain Head Michael Ong underscored the company’s drive to lessen the environmental impact of its supply chain operations. "In our quest to bring the joy of eating not only for today's generation but that of tomorrow's, we integrate solar energy into our state-of-the-art Canlubang Baking Facility. This is our largest installation to date, but this is also just the beginning. We have more locations planned in the months ahead, and we are determined to accelerate further our journey towards carbon neutrality," he said. 

Calamba City Mayor Ross Rizal cited the project's role in helping achieve the city's goals on sustainability for the business community. "Your [ZFC] initiative to promote sustainability in your facilities will not only have positive results for your company, but it will also be in solidarity with the government's call for a more orderly operation of companies that considers many factors, including those that concern our environment," he said. 

Ong and his team at ZFC started accelerating the integration of sustainable business practices into the Jollibee Group’s commissaries and logistics centers in 2020. The Canlubang Baking Facility is now the second out of the four target sites for solar panel installation. The first one was Zen3, also in Canlubang, which was installed with 3,000 solar panels last November 2023. The solar panel installation in the two other sites is expected to be completed by the third quarter of 2024. 

These commissaries and logistics centers support the Jollibee Group's portfolio of brands in the Philippines, such as Jollibee, Greenwich, Burger King, Red Ribbon, Chowking, and Mang Inasal. 

Solarizing for the future

First Gen constructed four rooftop solar power plants for ZFC's commissaries, cold storage, and logistics facilities. 

Carlo Vega, First Gen's Vice President for Power Marketing, Trading, and Economics, said, "We are thankful to Jollibee Group’s ZFC for their trust in our company to be their reliable energy partner in our shared vision of a cleaner and greener future for this generation and the next."

A journey towards more sustainability

From the established 2020 baseline data, Ong shared that, apart from solar energy use, the Jollibee Group manufacturing sites across the country have reduced their waste by 38% as of 2022.  Furthermore, the manufacturing facilities have decreased their water use ratio by 23% and energy use ratio by 21.5%.

"We learned that our impact on the planet revolves around three critical areas: energy, water, and waste. With this newfound awareness, we embrace the challenge of 'Joy for Tomorrow,' and we set out to establish strategies, systems, and initiatives that will allow us to treat our planet more responsibly," said Jose Miñana Jr., Jollibee Group’s Chief Sustainability and Public Affairs Officer. 

# # #

Other Photos: 

The Jollibee Group continues to accelerate its shift to renewable energy by operating 6,300 solar panels in its Canlubang Baking Facility (CBF), the company's most extensive solar panel installation to date.  

The Canlubang Baking Facility is the manufacturing site of Red Ribbon products.

Calamba Mayor Roseller “Ross” Rizal and Jollibee Group Supply Chain Head Michael Ong at the ribbon-cutting and switch-on ceremony. Aside from achieving energy independence, Rizal noted that the initiative to promote sustainability in CBF will save a considerable amount of cost and decrease carbon footprints, which is the cause of global warming.