Sovereign wealth fund 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 (Nov. 11).
The 2.8 GW portfolio includes operational, under-construction, contracted, and development-stage solar and wind projects. The companies did not disclose the investment amount, stake size, or valuation.
The investment gives INA exposure to a regional renewable energy platform.
A part of the portfolio is in Indonesia including operating assets and further development opportunities. One of the projects is the 72 MW Tolo Wind Project in Jeneponto, South Sulawesi.
“We look for investments [based] on their commercial merits while retaining clear strategic relevance for Indonesia,” said INA chief executive Oki Ramadhana. He described the partnership with Vena Group as a combination of “a diversified Southeast Asian platform with operating assets and future opportunities in Indonesia”.
For Vena Group, the deal expands its Green Fund Partnership strategy, which brings institutional investors into selected renewable energy portfolios. The company said the model allows it to retain long-term ownership and operational involvement while freeing up capital for construction and new projects.
“This transaction is an important milestone in the institutional partnership strategy we outlined last year,” said Simone Grasso, Vena Group’s chief investment officer and global head of Vena Nexus.
“By bringing high-quality, long-term institutional investors alongside Vena Energy in selected renewable energy portfolios, we can retain long-term ownership and operational involvement while rotating capital into our accelerated construction programme and new growth opportunities.”
The INA deal follows another institutional partnership announced by Vena in October. Norfund, the Norwegian Investment Fund for Developing Countries, and Impact Fund Denmark signed agreements to acquire a combined 49% equity interest in Vena Energy’s 500 MWp Ixus Bugallon solar project in Pangasinan, the Philippines.
That transaction remains subject to the Philippine Competition Commission’s 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 generate enough electricity to meet the equivalent annual needs of about 650,000 Philippine households and avert around 570,000 tonnes of carbon dioxide emissions a year. The project sits next to the company’s existing 550 MWp Bugallon solar project.
Vena Group announced in August 2025 that it planned to expand its Green Fund Partnerships across Japan, North Asia-Pacific, and Southeast Asia. Launched in Japan in 2019, the platform gives institutional investors access to projects developed, built, and operated by Vena Energy, Vena Group’s renewable energy arm.
Ownership and portfolio changes at Vena
The INA partnership follows a period of potential ownership changes at Vena.
Global Infrastructure Partners (GIP), now part of BlackRock, explored a potential stake sale as early as 2023, when Bloomberg reported that the infrastructure investor was considering selling up to 51% of the business at a valuation of about $15 billion.
In February 2025, Reuters reported that GIP had appointed Morgan Stanley and MUFJ to manage a sale of a controlling stake in Vena Energy. The deal could value the company at up to $10 billion, Reuters reported, while the size of the stake remained undecided.
Vena was formerly known as Equis Energy. GIP acquired the business in 2018 alongside China Investment Corporation (CIC) and Canada’s Public Sector Pension Investment Board. It has since grown into a renewable energy platform spanning solar, onshore and offshore wind, and battery storage.
In August 2026, Vena Group completed the sale of its India renewable energy platform, comprising about 1 GW of operational capacity, to Inox Neo Energies, a subsidiary of Inox Clean Energy. Morgan Stanley and MUFG advised Vena Group on the transaction.
Green energy is one of INA’s priority sectors. The wealth fund said the investment reflects its approach of working with global and regional partners on assets that can deliver long-term, risk-adjusted returns while advancing the energy transition.
Nitin Apte, Vena Group’s chief executive, said Indonesia and the Philippines were important markets for the region’s energy transition. The partnership, he said, brings together INA’s long-term investment perspective and Vena Group’s development, construction and operating capabilities.
Vena Group also has a digital infrastructure business, Vena Nexus, as it expands across the region’s energy and digital infrastructure sectors.
