Vena Energy, a Singapore-headquartered renewable energy developer, is set to invest ₱115 billion in renewable energy projects across the Philippines, expanding its portfolio to a combined capacity of 1,824 megawatts (MW). The announcement was made after President Ferdinand R. Marcos Jr. and Finance Secretary Frederick D. Go met with the company’s executives in Singapore during the president’s five-day working visit, which concluded on October 12, 2026.
The planned investments are expected to strengthen the Philippines’ energy security, support growing electricity demand and help the country move toward its target of a 35 percent renewable energy share in power generation by 2030, rising to 50 percent by 2040.
Key facts
- ₱115 billion: the value of Vena Energy’s renewable energy project portfolio in the Philippines, with a combined capacity of 1,824 MW.
- 1.29 GW of new capacity: planned expansion backed by a ₱52-billion equity infusion over the next two years.
- 887 MW operational and 1.26 GW under construction make up the company’s existing Philippine footprint.
- 8.6 GW: Vena Energy’s total portfolio of solar, wind and hybrid projects across the Asia-Pacific region, including utility-scale operations in Pangasinan and Ilocos Norte.
- 2030 / 2040 targets: the Philippines aims for a 35 percent renewable energy share in power generation by 2030 and 50 percent by 2040.
What was agreed
According to information released on Monday, October 12, President Marcos and Finance Secretary Go met with Vena Energy’s leadership to align the company’s investments with the national energy transition roadmap. The ₱115-billion portfolio covers the company’s existing operations and new projects in the Philippines.
Separately, the company plans to build an additional 1.29 gigawatts of renewable capacity backed by a ₱52-billion equity infusion over two years. That expansion builds on 887 MW of operational capacity and 1.26 GW already under construction in the country.
Discussions also went beyond power generation to include battery energy storage systems and the digital infrastructure needed to stabilise the national grid and support high-growth industries such as data centres and high-tech manufacturing.
Why it matters
Government officials said partnering with international renewable energy developers is essential to securing green, accessible and affordable power for Filipino consumers. The investment is expected to create thousands of jobs during construction and operations, attract further foreign direct investment and put downward pressure on electricity costs.
Advanced storage is considered critical for managing grid variability as the share of variable solar and wind power grows, ensuring continuous supply for households and energy-intensive industries.
The wider Singapore trip
The Vena Energy commitment was one of several investment outcomes from the president’s Singapore visit, which also included a $700-million Mitsubishi Corporation investment in Ayala Corporation and an expansion of the FedEx Clark Gateway Hub in Pampanga, scheduled to open in the fourth quarter of 2028.
What comes next
Further details on specific project locations, construction schedules and timelines were not provided in the announcement. The administration has said it will support investors through fiscal incentives under the CREATE MORE Act, green-lane processing and full foreign ownership in renewable energy projects.
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