Two European funds, Norfund (Norwegian Investment Fund for Developing Countries) and Impact Fund Denmark, have signed agreements to take a combined 49% equity interest in the 500MWp Ixus Bugallon Solar Power Project in the Philippines.
The agreement is subject to the approval of the Philippine Competition Commission and will see the funds acquire the stake from project owner Vena Energy, a clean energy developer headquartered in Singapore.
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The Ixus Bugallon project’s finance was finalised in July 2026, with Vena securing US$310 million from a group of eight international banks, including BNP Paribas and Crédit Agricole Corporate. The project is being built next to the existing 550MW Bugallon solar project, which is also owned by Vena.
Indian INOXGFL Group acquired the Singapore-headquartered Vena Energy in August, via its subsidiary INOX Clean Energy, taking over Vena’s 6GW renewable energy portfolio from Global Infrastructure Partners (GIP), which owned by US investment company Blackrock.
The acquisition was the latest in a series of deals by INOX Clean Energy, including that of US-based Boviet Solar Technology and Vibrant Energy in Australia. INOX Clean Energy also acquired a 300MW operational solar portfolio from SunSource Energy with assets in 13 states in its native India.
The construction of the Ixus Bugallon Solar Power Project was awarded under the Philippine Department of Energy’s second Green Energy Auction Program (GEAP 2), in which a stipulation states foreign ownership is limited to 40% unless the project qualifies under the country’s Renewable Energy Act’s ‘Filipino-first’ policy, which requires majority Philippine ownership for certain renewable energy resources.
The sale of the 49% stake “reflects strong international lender appetite for quality large-scale renewable energy infrastructure in the Philippines,” Vena said.
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 we want to do more of.”
Recent foreign investment in the Philippines’ PV industry includes Singaporean Sembcorp Industries’ US$77.6 million purchase of the Puente Al Sol facility from Clean Current Renewable Energy (CREI) in 2025, which was described by Sembcorp as part of its “ongoing expansion in the Southeast Asian renewable energy sector.” In the same year, UK private equity fund Actis bought an equity stake in MTerra Solar for approximately US$600 million.
More recently, Vietnam’s VinEnergo and local company SunAsia Energy made a joint investment of US$406 million in June 2026 to build floating PV power generation facilities that would float on water reservoirs in the Philippines.
