Norfund and Impact Fund Denmark have agreed to acquire a combined 49% stake in Vena Energy's 500 MWp Ixus Bugallon Solar Power Project in the Philippines, Norfund said on 16 October.
Why Norfund and Impact Fund Denmark is buying Ixus Bugallon Solar Power Project (49%, from Vena Energy)
Vena Energy said it would keep long-term ownership and operational involvement in the project while recycling capital into its construction programme.
Deal terms and financing
The price was not disclosed. The project reached financial close in July 2026 with US$310m of senior debt from eight international banks.
Regulatory approvals and timing
Completion requires approval from the Philippine Competition Commission and other customary closing conditions.
Market context
Once operating, the plant is expected to supply enough power for about 650,000 Philippine households and avoid about 570,000 tonnes of CO2 a year.
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