Norfund and Impact Fund Denmark, the development investment funds of Norway and Denmark, have signed agreements to take a combined 49% stake in Vena Energy's 500 MWp Ixus Bugallon Solar Power Project in Pangasinan. The project won its place in the Department of Energy's second Green Energy Auction, reached financial close in July 2026 with about USD 310 million in loans from eight international banks, and is expected to power the equivalent of about 650,000 Philippine homes a year. The deal still needs approval from the Philippine Competition Commission.
The lesson for Mindanao is simple. International lenders and impact investors are ready to fund well-prepared solar projects in the Philippines. What they need is a project that's properly structured, backed by solid energy data and presented the way funders expect.
SolarMD prepares those funding proposals for Mindanao's commercial and industrial sites. Want SolarMD to build a funded solar project for your business? Start by sending your last 12 months of electricity bills.
Source: Vena Group.
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