Danish impact fund backs Vena Energy's 500 MWp solar project in the Philippines
Impact Fund Denmark is investing in the 500 MWp Lasso 2 solar project in northern Luzon, Philippines, which is being developed and will be operated by Vena Energy. The project is under construction and is expected to begin operations in 2027. The investment is being made through the Danish SDG Investment Fund II, established with several Danish pension funds.
The Lasso 2 facility is a 500 MWp solar installation in northern Luzon, Philippines. Vena Energy is handling its development and operation, and construction is already underway, with operations targeted for 2027.
Funding comes via Danish SDG Investment Fund II, a vehicle set up by Impact Fund Denmark alongside PenSam, P+, PFA, PKA and PBU. The same fund recently backed GreenCell Mobility’s electric bus growth in India, while a separate commercial SDG Fund II vehicle supported Spiro’s electric motorcycles and battery-swapping network in several African markets.
If completed as planned, the Lasso 2 project could add substantial solar capacity in northern Luzon, potentially improving local electricity supply and supporting cleaner power generation. Communities near the site may see construction jobs and related economic activity, while ratepayers and businesses could benefit if added supply helps ease pressure on prices. The Danish pension-backed investment may also signal that long-term institutional capital can fund renewable infrastructure in the Philippines, though actual social and environmental outcomes will depend on implementation.