Vena Energy has signed agreements to sell a combined 49 percent equity stake in its 500 megawatt Ixus Bugallon solar project in Bugallon, Pangasinan, to Norfund, the Norwegian investment fund for developing countries, and Impact Fund Denmark. The financial consideration was not disclosed, and the transaction is subject to approval from the Philippine Competition Commission and other customary closing conditions.
The project was awarded under the Philippine Department of Energy’s second Green Energy Auction Program and reached financial closure in July 2026, securing about 310 million dollars of senior debt from a consortium of eight international banks. Once operational it is expected to supply the equivalent annual consumption of about 650,000 Philippine households and avoid about 570,000 tonnes of carbon dioxide emissions a year.
Chief executive Nitin Apte described the Philippines as an important market for Vena and the project as evidence of the scale of renewable infrastructure that development capability plus long term institutional capital can deliver. Vena separately secured about 965 million dollars of green financing in July for solar and battery assets across Australia.
The sequence is the point. A developer carries a project through auction, permitting and debt close, then sells just under half the equity to two state backed development finance institutions whose presence lowers the project’s political and regulatory risk for every other capital provider. Vena keeps control at 51 percent and frees equity for its next development, and the DFIs take operating asset exposure their mandates require.