Key Takeaways
- • Indonesia's sovereign wealth fund, INA (Indonesia Investment Authority), has acquired a stake in Vena Group's 2.8-GW renewable energy portfolio spanning the Philippines and Indonesia, according to InsiderPH.
- • The companies did not disclose the value of the transaction or INA's ownership stake, nor identify the specific Philippine assets involved.
- • The deal supports Vena's P245-billion Philippine renewable program covering about 2.6 GW under construction or contract, and fits its Green Fund model of selling project interests to institutional investors to recycle capital into new plants.
- • Vena is backed by Global Infrastructure Partners (BlackRock), Canada's PSP Investments and China Investment Corporation.
Summary
Indonesia's sovereign wealth fund has acquired a stake in Vena Group's 2.8-gigawatt renewable energy portfolio spanning the Philippines and Indonesia, according to InsiderPH. The companies announced the deal on Wednesday, November 11, 2026, but did not disclose its value, INA's ownership percentage, or the specific Philippine assets included. The investment covers operating solar and wind farms as well as projects under construction or in development.
The transaction arrives as Vena pursues a P245-billion renewable energy investment program in the Philippines involving about 2.6 GW of capacity under construction or contract. Singapore-based Vena Group is backed by Global Infrastructure Partners, part of BlackRock, with Canada's Public Sector Pension Investment Board and China Investment Corporation also among its investors. Rather than exiting renewables, Vena is bringing in institutional co-investors to share the cost of its expanding portfolio while retaining long-term ownership and operational control.
The model rests on Vena's Green Fund strategy, launched in Japan in 2019, which lets institutional investors acquire interests in renewable projects and frees capital for reinvestment in new power plants. In August 2025, the company said it planned to extend this financing model to other Asian markets as it accelerated solar and wind construction.
Nitin Apte, CEO of Vena Group, said the partnership combines INA's long-term investment perspective with Vena's development, construction and operating capabilities. INA CEO Oki Ramadhana said the fund looks for investments that stand on commercial merits while retaining strategic relevance for Indonesia, and described the deal as participation in a diversified Southeast Asian platform with operating assets and future Indonesian opportunities. For INA, the transaction provides renewable exposure beyond Indonesia while maintaining a presence in its home market.
The transaction arrives as Vena pursues a P245-billion renewable energy investment program in the Philippines involving about 2.6 GW of capacity under construction or contract. Singapore-based Vena Group is backed by Global Infrastructure Partners, part of BlackRock, with Canada's Public Sector Pension Investment Board and China Investment Corporation also among its investors. Rather than exiting renewables, Vena is bringing in institutional co-investors to share the cost of its expanding portfolio while retaining long-term ownership and operational control.
The model rests on Vena's Green Fund strategy, launched in Japan in 2019, which lets institutional investors acquire interests in renewable projects and frees capital for reinvestment in new power plants. In August 2025, the company said it planned to extend this financing model to other Asian markets as it accelerated solar and wind construction.
Nitin Apte, CEO of Vena Group, said the partnership combines INA's long-term investment perspective with Vena's development, construction and operating capabilities. INA CEO Oki Ramadhana said the fund looks for investments that stand on commercial merits while retaining strategic relevance for Indonesia, and described the deal as participation in a diversified Southeast Asian platform with operating assets and future Indonesian opportunities. For INA, the transaction provides renewable exposure beyond Indonesia while maintaining a presence in its home market.
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