QAZAQ GREEN.  The Climate Investment Fund, managed by Norfund, is investing together with Impact Fund Denmark (IFDK) in a 500 MWp solar power plant in Pangasinan province in the Philippines, the investment was launched at the World Bank annual meetings in Bangkok.

The Ixus Bugallon Solar Power Project in the municipality of Bugallon is being built by Vena Energy, one of Asia’s largest renewable energy players. The two funds will jointly hold a 49% equity stake in the project. It reached financial close in July 2026 with about USD 310 million in senior loans from a consortium of eight international banks. Vena Energy already operates a 550 MWp solar plant next to the construction site.

This is the Climate Investment Fund’s first investment in the Philippines, which currently gets 62% of its electricity from coal. The new plant will avoid 530,000 tonnes of CO₂ emissions per year, and its output will match the consumption of 650,000 Philippine households.

Norway’s Minister of International Development Åsmund Aukrust, who attended the launch, called the project a good example of how Norfund and the Climate Investment Fund mobilise private capital and prevent emissions through profitable renewable energy investments. He said this is why the government has proposed increasing its contribution to the fund in the 2027 state budget.

Norfund CEO Erik Sandersen said the fund sees great opportunities in accelerating the energy transition in the Philippines, which has strong potential to meet its growing energy demand with renewables. Peak electricity demand in the country is estimated to rise from 16.6 GW in 2022 to 68.5 GW by 2050. By comparison, Norway’s total capacity is 40.3 GW.

Nitin Apte, CEO of Vena Group, said the Philippines is an important market for the company and that the project shows the scale of renewable infrastructure that can be delivered by combining strong development capabilities with long-term institutional capital.