Indonesia wealth fund backs Philippine, Indonesian renewable energy portfolio

Indonesia’s sovereign wealth fund has invested in a 2.8-gigawatt portfolio of solar and wind projects in the Philippines and Indonesia through a partnership with Vena Global Group Pte. Ltd., supporting the company’s renewable energy expansion across Southeast Asia.

For electricity consumers and businesses, the partnership’s potential value lies in financing renewable power infrastructure that can strengthen energy security and support economic activity as projects advance toward operation.

The portfolio’s 2.8 GW, equivalent to 2,800 megawatts, includes projects already operating, under construction, contracted, and in development, meaning the total does not represent capacity already supplying electricity.

Vena Group and the Indonesia Investment Authority (INA) described the partnership as giving the sovereign wealth fund participation in one of Southeast Asia’s largest clean energy platforms.

The announcement did not disclose the investment amount, INA’s ownership share, or the allocation of portfolio capacity between the Philippines and Indonesia.

The partnership combines INA’s long-term investment mandate and focus on sustainable infrastructure with Vena Group’s renewable energy development, construction, and operating capabilities across the Asia-Pacific region.

For Vena Group, the transaction expands its partnerships with institutional investors and advances its broader Green Fund Partnership strategy, which supports an accelerated construction program and continued regional growth.

In August 2025, the company announced plans to increase the scale and geographic reach of its Green Fund Partnerships across Japan, North Asia-Pacific, and Southeast Asia.

Launched in Japan in 2019, the Green Fund platform gives long-term institutional investors access to renewable energy projects developed, built, and operated by Vena Energy, Vena Group’s renewable energy arm.

The arrangement allows Vena Group to retain long-term ownership and operational involvement while redirecting capital into new projects and other growth opportunities.

For INA, the investment falls under Green Energy, one of its priority sectors, and includes operating solar and wind assets and further development opportunities in Indonesia.

The fund said the transaction follows its approach of investing alongside experienced global and regional partners in assets offering long-term, risk-adjusted returns while supporting the energy transition in Indonesia and elsewhere in Southeast Asia.

“We are pleased to establish this strategic partnership with INA as we continue to expand our renewable energy portfolio across Southeast Asia,” said Nitin Apte, Vena Group chief executive officer.

“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.

“Together, we can accelerate the delivery of high-quality renewable energy infrastructure that strengthens energy security, supports economic development and advances decarbonisation.

“We look forward to building a strong long-term partnership with INA as we continue to engineer a greener future across Asia-Pacific.”

Simone Grasso, Vena Group chief investment officer and global head of Vena Nexus, linked the transaction to the institutional partnership strategy announced the previous year.

“This transaction is an important milestone in the institutional partnership strategy we outlined last year and expands Vena Group’s broader Green Fund platform.

“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.

“We are particularly pleased to welcome INA as a long-term partner in this portfolio of renewable energy projects in Indonesia and the Philippines.

“INA’s investment perspective, commitment to sustainable infrastructure and deep understanding of Indonesia and the broader Southeast Asian region make it a highly complementary partner for Vena Group.

“We look forward to working closely together as we continue to develop, construct and operate this portfolio and pursue further growth across the region.”

INA Chief Executive Officer Oki Ramadhana said the investment combines commercial considerations with Indonesia’s strategic interests.

“We look for investments that stand on their commercial merits while retaining clear strategic relevance for Indonesia.

“This partnership reflects that balance, combining participation in a diversified Southeast Asian platform with operating assets and future opportunities in Indonesia.

“Vena Group brings extensive renewable energy development, construction, and operating experience across Asia-Pacific, and we see strong alignment between its capabilities and our long-term objectives.

“Together, we see a foundation for further investment in renewable energy, both in Indonesia and across the region.”