The Climate Investment Fund, managed by Norfund, is investing in a 500 MWp solar plant in the Philippines, developed by Vena Energy. The investment will mobilise significant private capital and avoid 530,000 tonnes of CO₂ per year.
Read the joint press release here.
The 500 MWp Ixus Bugallon Solar Power Project will be built in Bugallon, Pangasinan, in the Philippines by Vena Energy, one of Asia’s largest renewable energy players.
The Climate Investment Fund and Impact Fund Denmark (IFDK) are together investing in a 49% equity interest in the project. The project reached financial close in July 2026 with about USD 310 million in senior loans from a consortium of eight international banks.
“This investment is a good example of how Norfund and the Climate Investment Fund succeed in mobilising private capital and preventing emissions through profitable investments in renewable energy. That is also why we have proposed increasing the contribution to the Climate Investment Fund in the proposed 2027 state budget, because we know it works,”
Åsmund Aukrust
Minister of International Development
Minister of International Development Åsmund Aukrust attended the launch of the investment in connection with the World Bank annual meetings in Bangkok.
The investment is the Climate Investment Fund’s first in the Philippines. The country currently gets 62% of its electricity from coal. By helping renewable energy cover more of the country’s energy needs, the solar plant will avoid emissions of 530,000 tonnes of CO₂ per year. Its power production corresponds to the consumption of 650,000 households in the Philippines.
“Norfund sees great opportunities in helping to accelerate the energy transition in the Philippines, which has great potential to meet the country’s growth in energy demand with renewable energy,”
Erik Sandersen
CEO of Norfund
Electricity demand in the Philippines is estimated to triple from 16.6 GW in 2022 to 68.5 GW in 2050 (peak). By comparison, Norway has a total capacity of 40.3 GW.
“We are pleased to partner with Norfund and IFDK 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,” says Nitin Apte, CEO of Vena Group.
