Norfund and Impact Fund Denmark to Invest in Vena Energy's 500 MWp Ixus Bugallon Solar Power Project in the Philippines

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Vena Energy’s existing 550 MWp Bugallon Solar Power Project in Pangasinan, Philippines, which is next to the 500 MWp Ixus Bugallon Solar Power Project now under construction. Image credit: Vena Energy

Singapore, 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.

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• 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.

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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.”

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About Vena Group

Vena Global Group Pte Ltd (“Vena Group”) is a leading green solutions provider driving the energy and digital infrastructure transition across the Asia-Pacific region. Through its renewable energy arm, Vena Energy, and digital infrastructure platform, Vena Nexus, Vena Group develops, owns and operates integrated, sustainable and cost-effective solutions that support the region’s transition to a low-carbon and AI-enabled future.

For more information, please visit www.venagroup.com.

About Norfund

Norfund is the Norwegian Investment Fund for developing countries with a mission to create jobs and improve lives by investing in businesses that drive sustainable development. Owned and funded by the Norwegian Government, Norfund is the Government’s most important tool for strengthening the private sector in developing countries and reducing poverty. Norfund’s committed portfolio amounts to USD 4.5 billion, with investments across Sub-Saharan Africa, South/Southeast Asia, and Latin America. Additionally, Norfund manages the Norwegian Climate Investment Fund, which focuses on reducing or avoiding greenhouse gas emissions by investing in renewable energy in developing countries with large emissions from coal and other fossil fuel production.

For more information, please visit: www.norfund.no.

About Impact Fund Denmark

Impact Fund Denmark is a Danish impact investor and Denmarks' Development Finance Institution contributing to green, just and inclusive societies as well as supporting the Sustainable Development Goals. Impact Fund Denmark provides risk capital to companies operating in developing countries across Africa, Asia, Latin America and Ukraine. Investments are made on commercial terms in the form of equity, loans and guarantees. In addition, through Public Infrastructure, Impact Fund Denmark offers concessional finance through loans and grants to secure access to financing for major public infrastructure projects in developing countries that cannot be financed on market terms.

Read more at www.impactfund.dk

Vena Energy Delivers Second Community Fund Turnover to Quezon Indigenous Peoples

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Quezon Wind Energy Corp. (QWEC), a subsidiary of Vena Energy, a leading green energy solutions provider across the Asia-Pacific region, marked another key milestone in its community relations efforts through a check turnover ceremony today in Quezon City for its host community, the Dumagat/Remontado Indigenous Peoples (IPs) of General Nakar, Quezon.

The event demonstrated Vena Energy’s continuous efforts in supporting its host communities beyond respecting their rights and heritage. The turnover formalizes the Quezon IPs’ receipt of their community funds under the Free, Prior and Informed Consent (FPIC) process, through the Pigtaanan ne Dumagat – Remontado de General Nakar, Quezon (PDRGNQ), the Implementing IP Organization.

This partnership reflects Vena Energy’s support for community-led development initiatives based on the priorities identified by the host IPs. These include infrastructure improvements, access to education, sustainable livelihood programs, and improved healthcare.

Dr. Carlos Buasen, Jr. - NCIP Region 4A Regional Director; Thelma P. Aumentado - IPMR (Quezon Province); Melecio Rotaquio - Chairman of the Board of Directors, Pigtaanan ne Dumagat Remontado de General Nakar Quezon (PDRGNQ), Inc.; Mia Jarumayan - Vena Group, Head of Business Development - Project Development; IPs: Yolanda Monica, Gloria dela Cruz, Rea Reyes, Orlando Surbano Jr., Lorena Petores, Macario dela Cruz, Brgy. Captain Orlando Surbano Sr., Solita Vertrodis, Leonardo Pranada; Dr. Donato B. Bumacas - Provincial Officer, NCIP Region 4A, QPO

Vena Energy representatives led by Mia Jarumayan, Head of Business Development, Project Development, attended the event alongside Quezon IP leaders and elders. Samrinder Nehria, Head of Vena Energy in the Philippines, stated, “Empowering the Quezon IPs is at the heart of our mission. We are dedicated to ensuring that our green energy initiatives translate into tangible, long-term benefits for the communities that graciously host us, fostering a future built on mutual respect and sustainable progress.”

A Sustainable Partnership

Such partnerships have proven to be a successful model for private-public collaborations in the renewable energy sector. As Vena Energy strictly adheres to the FPIC process, all of the company’s projects continue to be built based on transparent communication and mutual respect. “Ang matatag na suporta mula sa Vena Energy ay nagbibigay ng lakas ng loob sa aming komunidad na isulong ang makabuluhang pag-unlad habang pinapangalagaan ang aning pamanang kultural. ” shared Melecio Rotaquio, Chairman of the Board of Directors, Pigtaanan ne Dumagat Remontado de General Nakar Quezon (PDRGNQ), Inc.

National Commission on Indigenous Peoples (NCIP) Region 4A Regional Director Dr. Carlos Buasen, Jr. added, “It is inspiring to witness a corporate partner truly value the ancestral domains and the people who protect them. Vena Energy sets a remarkable standard for responsible and inclusive community engagement.”

This second check turnover ceremony, following the 21 April ceremony with the Tanay Dumagat Remontado Indigenous Cultural Communities, is a further demonstration of Vena Energy’s commitment to its partnerships with indigenous communities across Quezon, grounded in shared growth and mutual respect. By integrating community-led development into its core operations, Vena Energy reinforces its dedication to honoring ancestral domain rights and supporting self-determination. This reflects how renewable energy can contribute not only to the national grid, but to the long-term aspirations of the Filipino people.

Vena Energy Accelerates Green Energy Transition in the Philippines with Dual Groundbreakings for 380 MWp Solar Projects in Ilocos Norte

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Vena Energy, a leading green energy solutions provider across the Asia-Pacific region, has commenced construction of two major solar projects in Ilocos Norte, marking another significant step in supporting the Philippines’ clean energy transition.

Groundbreaking and time capsule ceremonies for the Astra Solar and Opus Solar projects were held on 5 May 2026 in Currimao and 6 May 2026 in Paoay, respectively. Together, the projects represent approximately 380 MWp of new capacity and will increase Vena Energy’s total solar footprint in Ilocos Norte to around 480 MWp once operational.

The events were attended by Ilocos Norte Governor Cecilia Araneta Marcos, Vice Governor Matthew Joseph Manotoc, Currimao Mayor Edward Quilala, and Paoay Mayor Shiella Galano, alongside Vena Group Chief Operating Officer Juan Mas Valor, Vena Energy Head of Philippines Samrinder Nehria, and Head of Project Development Mia Jarumayan.

Astra Solar

On 5 May, Astra Solar Energy Corp. broke ground on its 80.6 MWp Astra Solar Power Project in Currimao. The project is supported by a ₱2.7-billion green project finance facility from Security Bank. It is expected to generate approximately 142 GWh of clean energy annually, which is enough to power around 120,500 Filipino households. It will also avoid an estimated 95,400 tonnes of greenhouse gas emissions each year. This impact is equivalent to planting approximately 1.5 million trees.

Opus Solar

Following the Astra Solar event, Opus Solar Energy Corp. held its groundbreaking ceremony on 6 May for the 300 MWp Opus Solar Project in Paoay. Spanning 190 hectares across Barangays Bacsil and Mumulaan, the project marks a milestone in the Philippine energy sector. It is the first fully non-recourse renewable energy project in the country to be financed solely by international banks, supported by a US$210-million green loan from seven global financial institutions.

Once operational, Opus Solar will supply clean energy equivalent to the annual consumption of approximately 445,000 households. It is also expected to avoid around 349,000 tonnes of greenhouse gas emissions each year.

"We are proud to see how our investments continue to create local jobs, support community aspirations, and drive the Philippines’ energy transition forward," said Juan Mas Valor, Chief Operating Officer of Vena Group.

A Legacy of Community Progress

These new projects build upon the success of Vena Energy’s existing facilities in Ilocos Norte, including the Mirae Asia Energy Corporation (20MW) and Nuevo Solar Energy Corp. (83.3MW) solar projects.

The company’s presence in the region has consistently delivered long-term community benefits, including:

• · The generation of hundreds of local jobs during both construction and operational phases.
• · Financial contributions through ER1-94, as well as increased local tax revenues for host communities.
• · Continued support for education, health, infrastructure and the environmental initiatives through Corporate Social Responsibility (CSR) programs.

“Opus Solar and Astra Solar demonstrate how strong cross-border and local collaboration can accelerate the transition to clean energy while upholding high standards of environmental and social governance,” said Samrinder Nehria, Head of Philippines, Vena Energy.

Both projects contribute to the Philippines’ national targets of increasing the renewable energy share to 35% by 2030 and 50% by 2040.

About Astra Solar Energy Corp. and Opus Solar Energy Corp.

Astra Solar Energy Corp. and Opus Solar Energy Corp. are project companies under Vena Energy, a leading green energy solutions provider in the Asia-Pacific region.

ABOUT VENA GROUP

Vena Global Group Pte Ltd (“Vena Group”) is a major green solutions provider driving the energy and digital infrastructure transition across the Asia-Pacific region. Through its renewable energy and digital infrastructure arms, Vena Group delivers integrated, sustainable, and cost-effective solutions that enable the region’s transition to a low-carbon, AI-driven future.

For more information, please visit www.venagroup.com.

About Vena Energy

Vena Energy is a leading green energy solutions provider in the Asia-Pacific region, accelerating the transition to sustainable and affordable renewable energy that delivers lasting environmental, social, and economic benefits to host communities and stakeholders.

We deliver green energy solutions through a renewable power portfolio of 38GW across Onshore Wind, Solar, and Offshore Wind projects[1], and a green energy infrastructure pipeline including 25GWh of BESS[2] and 848 KTPA of Green Hydrogen and Ammonia.

With over 1,000 employees across 80 corporate and site offices globally, Vena Energy is committed to advancing the adoption of low-carbon energy, contributing to global climate goals, and engineering a greener future.

For more information, please visit www.venaenergy.com, or follow us on LinkedIn, Facebook, Instagram.

Vena Energy Formalizes Community Support through a Check Turnover Ceremony to host Indigenous Cultural Communities

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Quezon Wind Energy Corp. (QWEC), a subsidiary of Vena Energy, a leading green energy solutions provider across the Asia-Pacific region, marked a key milestone in its community engagement efforts through a check turnover ceremony for its host community, the Dumagat/Remontado Indigenous Cultural Communities (ICCs) of Tanay. The ceremony was held in Quezon City on 21 April 2026.

The event reflects Vena Energy’s continued commitment to inclusive development and to respecting the rights and heritage of its host communities. The turnover formalizes the remittance of community funds to the Tanay ICCs through the Tanay Dumagat Remontado Ancestral Domain Development, Inc. (TDRADDEVI), the Implementing Indigenous Peoples’ Organization (IPOs) established through the Free, Prior and Informed Consent process.

Through this partnership, Vena Energy supports community-led development initiatives aligned with the priorities identified by the ICCs, including infrastructure improvements, access to education, sustainable livelihood programs, and enhanced healthcare services.

The ceremony was attended by representatives from Vena Energy, led by Mia Jarumayan, Head of Business Development, Project Development and leaders of the Tanay ICCs, led by Eleonor Atencio, President, Tanay Dumagat Remontado Ancestral Domain Development, Inc.

Samrinder Nehria, Head of Vena Energy in the Philippines, said, “At Vena Energy, we believe the transition to clean energy should create lasting value for the communities we work with while honoring the heritage and rights of our host communities. This milestone reflects our shared commitment to ensuring that development is inclusive and celebrates our shared journey toward a sustainable future where indigenous voices are heard and valued.”

A Model for Sustainable Partnership

The collaboration shows a successful model for private-public partnerships in the renewable energy sector. By strictly adhering to the FPIC process, Vena Energy ensures that all projects are built on a foundation of mutual respect and transparent communication.

“Vena Energy has been a very active and supportive partner throughout the years, and we are very grateful for the opportunities that this partnership has brought to our community, boosting our confidence in our own capabilities and inspiring us to grow,” said Eleonor Atencio, President of TDRADDEVI.

NCIP R4A Regional Director Dr. Carlos Buasen, Jr. shared, “We are happy to have a continuously harmonious relationship with a company like Vena Energy, whose sustainability efforts aren't just focused on its business but as well as the people and their ancestral domains that are affected by it.”

This turnover represents a meaningful partnership between Vena Energy and the ICCs, grounded in shared growth and mutual respect. By integrating community-led development into its core operations, Vena Energy reinforces its commitment to honoring ancestral domain rights and supporting self-determination. This collaboration demonstrates how renewable energy can contribute not only to the national grid, but also to the long-term aspirations of the Filipino people, built on a foundation of genuine equity and care.

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ABOUT VENA GROUP

Vena Global Group Pte Ltd (“Vena Group”) is a leading green solutions provider driving the energy and digital infrastructure transition across the Asia-Pacific region. Through its renewable energy and digital infrastructure arms, Vena Group delivers integrated, sustainable, and cost-effective solutions that enable the region’s transition to a low-carbon, AI-driven future.

For more information, please visit www.venagroup.com.

ABOUT VENA ENERGY

Vena Energy is a leading green energy solutions provider in the Asia-Pacific region, accelerating the transition to sustainable and affordable renewable energy that delivers lasting environmental, social, and economic benefits to host communities and stakeholders.

We deliver green energy solutions through a renewable power portfolio of 38GW across Onshore Wind, Solar, and Offshore Wind projects[1], and a green energy infrastructure pipeline including 25GWh of BESS[2] and 848 KTPA of Green Hydrogen and Ammonia.

With over 1,000 employees across 80 corporate and site offices globally, Vena Energy is committed to advancing the adoption of low-carbon energy, contributing to global climate goals, and engineering a greener future.

For more information, please visit www.venaenergy.com, or follow us on LinkedIn, Facebook, or Instagram.

Vena Energy Turns Over 1,000 “Seats for Sustainability” to Talim Island Schools, Improving the Learning Environment for Students While Creating Livelihood for Locals

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Vena Energy, a leading green energy solutions company in the Asia-Pacific region, has successfully turned over 1,000 handcrafted armchairs to elementary schools in the municipalities of Binangonan and Cardona on Talim Island.

The initiative, titled, “Seats for Sustainability,” was led by Vena Energy’s subsidiary, Island Wind Energy Corp. (IWEC). It marks a significant milestone in the company’s corporate social responsibility (CSR) efforts, delivering a dual impact: improving the learning environment for thousands of students while providing sustainable livelihood opportunities for the island’s residents.

Empowering Education in Remote Communities

The turnover ceremonies were held on 22 January 2026 at Kasile Covered Court (Binangonan) and 23 January 2026 at Lambac Covered Court (Cardona). The donation benefits multiple schools, including Kasile Elementary School, Bombong Elementary School, Kinagatan Elementary School, and Lambac Elementary School.

For remote areas like Talim Island, logistical challenges often hinder the delivery of school facilities. This donation addresses a critical infrastructure gap, ensuring that students have access to comfortable, DepEd-standard furniture that fosters a better learning environment.

From Skills to Livelihood

What sets the “Seats for Sustainability” project apart is its commitment to the local circular economy. Rather than sourcing furniture from external suppliers, Vena Energy partnered with local communities to manufacture the chairs.

Residents were trained by the Technical Education and Skills Development Authority (TESDA) in carpentry and craftsmanship. Following their training, these local community members were hired by Vena Energy to build the 1,000 chairs. This not only ensured the furniture met quality standards but also injected income directly into local households, turning a charitable donation into a driver for economic empowerment.

A Commitment to Host Communities

“Seats for Sustainability” aligns with Vena Energy’s broader CSR strategy, which prioritizes Education, Infrastructure Development, and Community Well-being. By engaging the community in the solution, the company reinforces its core value of enabling sustainable social and economic development within its host communities.

“We believe that empowering a community means giving them the necessary tools to build their own future,” said Samrinder Nehria, Head of The Philippines at Vena Energy. “This project is special because the fathers and neighbors of these students built the very chairs their children will sit on. It is a story of pride, resilience, and sustainability.”

The event was attended by key stakeholders, including representatives from IWEC, local government officials from Binangonan and Cardona, school officials, and residents of Talim Island.

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About Vena Group

Vena Global Group Pte Ltd (“Vena Group”) is a leading green solutions provider driving the energy and digital infrastructure transition across the Asia-Pacific region. Through its renewable energy and digital infrastructure arms, Vena Group delivers integrated, sustainable, and cost-effective solutions that enable the region’s transition to a low-carbon, AI-driven future.

For more information, please visit www.venagroup.com.

About Vena Energy

Vena Energy is a leading green energy solutions provider in the Asia-Pacific region, accelerating the transition to sustainable and affordable renewable energy that delivers lasting environmental, social, and economic benefits to host communities and stakeholders.

We deliver green energy solutions through a renewable power portfolio of 38GW across Onshore Wind, Solar, and Offshore Wind projects[1], and a green energy infrastructure pipeline including 25GWh of BESS[2] and 848 KTPA of Green Hydrogen and Ammonia.