Norfund and Impact Fund Denmark Acquire 49% Stake in Vena Energy's 500 MWp Ixus Bugallon Solar Project in Philippines
Norfund and Impact Fund Denmark have signed agreements to jointly acquire a combined 49% equity stake in Vena Energy's 500 MWp Ixus Bugallon Solar Power Project in Pangasinan, Philippines. The GEAP 2-awarded project reached financial close in July 2026 with USD 310 million in senior debt financing and is expected to power approximately 650,000 households annually.
Transaction date: · Source: venagroup.com
Key facts
- Transaction date
- Technology
- Solar PV
- Capacity
- 500 MW
- Transaction price
- Not disclosed
- Buyer
- Norfund, Impact Fund Denmark
- Seller
- Vena Energy, Vena Group
- Country
- Philippines
- Region
- Pangasinan
- Location
- Bugallon, Pangasinan, Philippines
- Continent
- Asia
- Development status
- Under Construction
- PPA
- Yes
Technology details
500 MWp utility-scale solar PV project. Awarded under the Philippine Department of Energy's second Green Energy Auction Program (GEAP 2). Financial close reached in July 2026 with approximately USD 310 million in senior debt financing from a syndicate of eight international banks. Expected to supply the annual electricity needs of approximately 650,000 Philippine households and avoid approximately 570,000 tonnes of CO₂ annually.
Power purchase agreement (PPA)
Project awarded under the Philippine Department of Energy's second Green Energy Auction Program (GEAP 2), providing contracted offtake revenue.
Additional information
Transaction subject to approval from the Philippine Competition Commission (PCC) and other customary closing conditions. Vena Energy retains 51% and continues long-term ownership and operational involvement. Norfund is investing via its Norwegian Climate Investment Fund. This is part of Vena Energy's institutional partnership strategy, rotating capital into construction programmes and future growth.
Source
Original announcement: https://venagroup.com/norfund-and-impact-fund-denmark-to-invest-in-vena-energys-500-mwp-ixus-bugallon-solar-power-project-in-the-philippines/