Key Takeaways
- • Indonesia Investment Authority (INA) has invested in Singapore-based Vena Group's renewable energy projects in Indonesia and the Philippines, according to an announcement on Wednesday, November 11, 2026.
- • The portfolio spans 2.8 GW of operational, under-construction, contracted, and development-stage solar and wind projects, but the investment amount, stake size, and valuation were not disclosed.
- • The deal extends Vena's Green Fund Partnership model, which brings institutional investors into selected renewable portfolios so Vena can retain long-term ownership and recycle capital into construction.
- • The transaction follows Norfund and Impact Fund Denmark's October agreements to acquire a combined 49% stake in the 500 MWp Ixus Bugallon solar project in the Philippines, which remains subject to Philippine Competition Commission approval.
- • Vena's ownership is in flux: GIP, now part of BlackRock, has explored a stake sale since 2023, with Morgan Stanley and MUFG reportedly running a controlling-stake sale process.
Summary
Sovereign wealth fund Indonesia Investment Authority (INA) has invested in renewable energy projects owned by Singapore-based Vena Group in Indonesia and the Philippines, according to an announcement on Wednesday, November 11. The companies did not disclose the investment amount, stake size, or valuation. The investment covers a 2.8 GW portfolio of operational, under-construction, contracted, and development-stage solar and wind projects. A portion of the portfolio is in Indonesia, including operating assets and further development opportunities, such as the 72 MW Tolo Wind Project in Jeneponto, South Sulawesi.
INA chief executive Oki Ramadhana said the fund looks for investments "based on their commercial merits while retaining clear strategic relevance for Indonesia," and described the partnership as combining "a diversified Southeast Asian platform with operating assets and future opportunities in Indonesia." INA said green energy is one of its priority sectors and that the investment reflects its approach of working with global and regional partners on assets that can deliver long-term, risk-adjusted returns.
For Vena, the deal expands its Green Fund Partnership strategy, launched in Japan in 2019, which gives institutional investors access to projects developed, built, and operated by Vena Energy, the group's renewable arm. The company said the model lets it keep long-term ownership and operational involvement while freeing capital for its accelerated construction programme and new growth opportunities. Simone Grasso, Vena Group's chief investment officer and global head of Vena Nexus, called the transaction an important milestone in the institutional partnership strategy outlined last year. Vena announced in August 2025 plans to expand the platform across Japan, North Asia-Pacific, and Southeast Asia.
The INA deal follows an October announcement in which Norfund, the Norwegian Investment Fund for Developing Countries, and Impact Fund Denmark agreed to acquire a combined 49% equity interest in Vena Energy's 500 MWp Ixus Bugallon solar project in Pangasinan, Philippines. That transaction remains subject to Philippine Competition Commission approval and other customary closing conditions. The project reached financial close in July, securing about $310 million in senior debt from eight international banks. Once operational, Ixus Bugallon is expected to meet the annual electricity needs of roughly 650,000 Philippine households and avert around 570,000 tonnes of carbon dioxide emissions a year. It sits next to the company's existing 550 MWp Bugallon solar project.
The partnership comes amid reported ownership changes at Vena. Global Infrastructure Partners (GIP), now part of BlackRock, explored a potential stake sale as early as 2023, when Bloomberg reported it was considering selling up to 51% at a valuation of about $15 billion. In February 2025, Reuters reported that GIP had appointed Morgan Stanley and MUFG to manage a sale of a controlling stake that could value the company at up to $10 billion. GIP acquired the business, formerly known as Equis Energy, in 2018 alongside China Investment Corporation and Canada's Public Sector Pension Investment Board. In August 2026, Vena completed the sale of its India renewable platform, about 1 GW of operational capacity, to Inox Neo Energies, a subsidiary of Inox Clean Energy, with Morgan Stanley and MUFG advising Vena. Nitin Apte, Vena Group's chief executive, said Indonesia and the Philippines are important markets for the region's energy transition and that the partnership combines INA's long-term investment perspective with Vena's development, construction, and operating capabilities.
INA chief executive Oki Ramadhana said the fund looks for investments "based on their commercial merits while retaining clear strategic relevance for Indonesia," and described the partnership as combining "a diversified Southeast Asian platform with operating assets and future opportunities in Indonesia." INA said green energy is one of its priority sectors and that the investment reflects its approach of working with global and regional partners on assets that can deliver long-term, risk-adjusted returns.
For Vena, the deal expands its Green Fund Partnership strategy, launched in Japan in 2019, which gives institutional investors access to projects developed, built, and operated by Vena Energy, the group's renewable arm. The company said the model lets it keep long-term ownership and operational involvement while freeing capital for its accelerated construction programme and new growth opportunities. Simone Grasso, Vena Group's chief investment officer and global head of Vena Nexus, called the transaction an important milestone in the institutional partnership strategy outlined last year. Vena announced in August 2025 plans to expand the platform across Japan, North Asia-Pacific, and Southeast Asia.
The INA deal follows an October announcement in which Norfund, the Norwegian Investment Fund for Developing Countries, and Impact Fund Denmark agreed to acquire a combined 49% equity interest in Vena Energy's 500 MWp Ixus Bugallon solar project in Pangasinan, Philippines. That transaction remains subject to Philippine Competition Commission approval and other customary closing conditions. The project reached financial close in July, securing about $310 million in senior debt from eight international banks. Once operational, Ixus Bugallon is expected to meet the annual electricity needs of roughly 650,000 Philippine households and avert around 570,000 tonnes of carbon dioxide emissions a year. It sits next to the company's existing 550 MWp Bugallon solar project.
The partnership comes amid reported ownership changes at Vena. Global Infrastructure Partners (GIP), now part of BlackRock, explored a potential stake sale as early as 2023, when Bloomberg reported it was considering selling up to 51% at a valuation of about $15 billion. In February 2025, Reuters reported that GIP had appointed Morgan Stanley and MUFG to manage a sale of a controlling stake that could value the company at up to $10 billion. GIP acquired the business, formerly known as Equis Energy, in 2018 alongside China Investment Corporation and Canada's Public Sector Pension Investment Board. In August 2026, Vena completed the sale of its India renewable platform, about 1 GW of operational capacity, to Inox Neo Energies, a subsidiary of Inox Clean Energy, with Morgan Stanley and MUFG advising Vena. Nitin Apte, Vena Group's chief executive, said Indonesia and the Philippines are important markets for the region's energy transition and that the partnership combines INA's long-term investment perspective with Vena's development, construction, and operating capabilities.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.