From: Mercom India
Vena Energy, an independent solar power producer, has signed agreements with Norfund, the Norwegian Investment Fund for Developing Countries, and Impact Fund Denmark to sell a combined 49% equity stake in its 500 MW Ixus Bugallon solar project in Bugallon, Pangasinan, Philippines.
The transaction is subject to approval from the Philippine Competition Commission and other customary closing conditions. The companies have not disclosed the financial consideration for the stake.
Once operational, the project is expected to generate enough electricity to meet the equivalent annual power requirements of approximately 650,000 Philippine households and avoid approximately 570,000 metric tons of carbon dioxide emissions annually.
Nitin Apte, Chief Executive Officer at 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.”
The Ixus Bugallon project was awarded under the Philippine Department of Energy’s second Green Energy Auction Program (GEAP 2). The project achieved financial closure in July 2026, securing approximately $310 million in senior debt financing from a consortium of eight international banks.
In July 2026, Vena Energy secured approximately A$1.4 billion (~$965 million) in green financing facilities to support solar and battery storage assets across Australia. The financing comprised two transactions covering projects under construction and the refinancing of existing facilities. The first transaction covered 294 MW of operational solar capacity, 320 MW of solar projects under construction, and 408 MWh of battery storage capacity under construction across the Tailem Bend and Wandoan South precincts in South Australia and Queensland.
According to Mercom’s 1H and Q2 2026 Solar Funding and M&A report, approximately 25.2 GW of solar projects were acquired in the first half of 2026, compared to 19.9 GW in the first half of 2025.
