The deal comes as Vena pursues a P245-billion renewable energy investment program in the Philippines involving about 2.6 GW of capacity under construction or contract, although the companies did not disclose the value of the new transaction.
Singapore-based Vena Group is backed by Global Infrastructure Partners, part of US investment giant BlackRock, with Canada's Public Sector Pension Investment Board and China Investment Corporation also among its investors.
Management’s view
“Indonesia and the Philippines are important markets for the region’s energy transition, and this partnership brings together INA’s long-term investment perspective with Vena Group’s renewable energy development, construction and operating capabilities,” Nitin Apte, CEO of Vena Group, said in a statement on Wednesday.
“We look for investments that stand on their commercial merits while retaining clear strategic relevance for Indonesia,” INA CEO Oki Ramadhana said in the same statement.
“This partnership reflects that balance, combining participation in a diversified Southeast Asian platform with operating assets and future opportunities in Indonesia.”
Fresh capital for expansion
The investment covers operating solar and wind farms as well as projects under construction or development, but the companies did not identify the Philippine assets involved or disclose INA's ownership stake.
Rather than exiting the renewable energy business, Vena is bringing in institutional investors to share the cost of its expanding portfolio while retaining long-term ownership and operational involvement.
Funding the next wave
Under its Green Fund strategy, launched in Japan in 2019, Vena allows institutional investors to acquire interests in renewable energy projects, freeing up capital that can be reinvested in building new power plants.
The company announced plans in August 2025 to expand this financing model across other Asian markets as it accelerated construction of new solar and wind facilities.
For INA, the partnership provides exposure to renewable energy investments beyond Indonesia while maintaining a presence in its home market, although the financial scale of its commitment and the precise Philippine assets involved remain undisclosed.
—Edited by Miguel R. Camus
