The Climate Investment Fund, managed by Norway’s state-owned investment fund for developing countries Norfund, and Danish development finance institution Impact Fund Denmark are investing in a 49% equity stake in the 500 MW Ixus Bugallon solar power project in the Philippines.
The project will be built in Bugallon within the coastal province of Pangasinan, northwestern Philippines, by Singapore-headquartered renewable energy company Vena Energy, which holds the remaining 51% stake.
The Ixus Bugallon project reached financial close in July 2026 after securing around $310 million in senior loans from a consortium of eight international banks.
The investment is the Climate Investment Fund’s first in the Philippines. Norway’s Minister of International Development, Åsmund Aukrust, said the investment is a “good example of mobilising private capital and preventing emissions through profitable investments in renewable energy.”
He added that an increase to the Climate Investment Fund is being proposed in Norway’s 2027 state budget.
The Ixus Bugallon project will be located next to Vena Energy’s existing 550 MW Bugallon solar power project. Together, the two plants are one of the Philippines’ largest solar clusters.
The latest plant was awarded under the Philippines Department of Energy’s (DOE) second green energy auction. It is expected to generate enough electricity to power roughly 650,000 Philippine households annually once operational.
Earlier this year, DOE unveiled plans to hold four editions of its flagship green energy auction programme over the next two years as part of wider plans to auction 25 GW of renewables by 2035.
The Philippines installed 899 MW of solar in 2025, according to figures published by the International Renewable Energy Agency (IRENA), taking cumulative solar capacity to 3,892 MW.
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