The deal remains subject to approval by the Philippine Competition Commission (PCC) and customary closing regulatory conditions.
Awarded under the Department of Energy’s second Green Energy Auction Program (GEAP 2), the utility-scale facility represents a major addition to the Philippines' clean energy pipeline. 
Upon commercial operation, the plant is expected to generate enough clean electricity to supply about 650,000 Filipino households annually while reducing carbon emissions by roughly 570,000 tons each year.
Strong global financing
The equity transaction follows a major milestone in July 2026, when the project achieved financial close after securing $310 million in senior debt financing from a syndicate of eight international commercial banks. The substantial loan package underscores strong global lender confidence in large-scale Philippine renewable infrastructure assets.
Vena Group chief executive officer Nitin Apte highlighted the strategic importance of bringing institutional backing to the 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," Apte said.
Vena Group chief investment officer Simone Grasso noted that the partnership model allows Vena Energy to maintain long-term operational control while freeing up capital to rotate into future growth pipelines across the region.
Accelerating the green transition
The investment directly supports the Philippine government's efforts to increase the share of clean energy in its generation mix and diminish its dependence on coal-fired power generation.
Norfund CEO Erik Sandersen emphasized that the facility aligns directly with the fund's Climate Investment Fund mandate to curtail emissions in emerging economies. "The project is expected to avoid more than half a million tons 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," Sandersen stated.
Impact Fund Denmark CEO Lars Bo Bertram added that expanding clean capacity is critical to sustaining regional economic progress cleanly. 
"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," Bertram concluded. —Ed: Corrie S. Narisma

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