INA Invests in Vena's 2.8 GW Solar and Wind Portfolio

Indonesia Investment Authority (INA), the country's sovereign wealth fund, has invested in a 2.8 GW portfolio of Vena Group renewable energy projects spanning Indonesia and the Philippines, the two parties announced Wednesday.

The portfolio covers operational, construction, contracted, and development-stage solar and wind projects, the companies said in a statement. The deal pairs INA's long-term investment mandate and focus on sustainable infrastructure with Vena Group's renewable energy development, construction and operating capabilities across Asia-Pacific.

For Vena Group, the transaction marks a milestone in expanding its institutional investment partnerships across the region and advances its broader Green Fund Partnership strategy.

What is Vena's Green Fund platform?

Vena Group launched the Green Fund platform in Japan in 2019. It gives long-term institutional investors access to renewable energy projects developed, constructed and operated by Vena Energy, the group's renewable energy arm.

The structure lets the company retain long-term ownership and operational involvement while rotating capital into new growth opportunities.

In August 2025, Vena Group announced plans to increase the scale and geographic reach of its Green Fund Partnerships across Japan, North Asia-Pacific and Southeast Asia. The goal: support its accelerated construction program and continued regional growth.

Why did INA write the check?

The investment aligns with Green Energy, one of INA's priority sectors, and it's anchored in Indonesia through operating solar and wind assets plus a pipeline of further development opportunities in the country.

The transaction reflects INA's approach of investing alongside experienced global and regional partners in assets that offer long-term, risk-adjusted returns while advancing energy transition across Southeast Asia, including Indonesia.

Oki Ramadhana, Chief Executive Officer of INA, said the fund looks 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," Ramadhana said.

"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," he added.

What did Vena's leadership say?

Nitin Apte, Chief Executive Officer of Vena Group, framed the two markets at the center of the deal. "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," Apte said.

"Together, we can accelerate the delivery of high-quality renewable energy infrastructure that strengthens energy security, supports economic development and advances decarbonization. We look forward to building a strong long-term partnership with INA as we continue to engineer a greener future across Asia-Pacific," he said.

Simone Grasso, Chief Investment Officer of Vena Group and Global Head of Vena Nexus, called the transaction an important milestone in the institutional partnership strategy the group outlined in 2025 and said it expands the 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 program and new growth opportunities," Grasso said.

"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," he added.

What comes next?

The deal signals that sovereign capital is ready to fund Southeast Asia's renewable build-out at scale. Both sides say they see a foundation for further joint investment in renewable energy, in Indonesia and across the wider region.