Vena Energy sells 49% stake in Philippine solar project

Vena Energy has signed agreements to sell a combined 49% equity stake in the 500 MW Ixus Bugallon solar project in Pangasinan, Philippines, to Norfund and Impact Fund Denmark.

According to Norfund, the two Nordic development finance institutions are investing a combined USD 72 million into the project. The development has already secured approximately USD 310 million in senior debt financing from a consortium of eight international banks. The project was awarded under the Philippine Department of Energy’s second Green Energy Auction Program.

Construction is currently underway, with operations expected to begin in 2027. Once fully operational, the facility is projected to generate approximately 815 gigawatt-hours of electricity annually, meeting the equivalent power requirements of roughly 650,000 Philippine households. The project is also estimated to avoid approximately 570,000 metric tons of carbon dioxide emissions each year.