Vena Group Secures 1.1 GW Of New Contracts, Ramps Up Construction Pipeline

Singapore-based Vena Global Group Pte Ltd (Vena Group) said on Tuesday it has secured 1.1 GW of additional offtake contracts and construction capacity so far this year, expanding its total operating, construction, and contracted (OCC) portfolio to 9.7 GW across Asia-Pacific.

The OCC portfolio is spread across the region, with 2.4 GW in Japan, 2.4 GW in North Asia-Pacific (South Korea, Taiwan and Australia), 3.8 GW in Southeast Asia (including the Philippines, Singapore, Malaysia, Indonesia and Thailand), and 1.1 GW in India, the company said.

Vena Group also announced an acceleration of its construction programme, with 2.4 GW of projects slated to begin this year, in addition to the 1.2 GW already under construction. This will bring the construction portfolio to about 3.6 GW, nearly four times the annual average of the past three years and the company’s largest build-out since inception.

Green Fund Partnerships

To support the expansion, the company plans to grow its Green Fund partnerships in size and geographical scope, with a focus on Japan, North Asia-Pacific and Southeast Asia. Select outright asset rotations will also be considered.

The Green Fund platform was launched in 2019 with the formation of Hikari LPS, a partnership between Vena’s subsidiary NRE GP and institutional investors, which partially divested stakes in five Japanese solar projects valued at about JPY 35 billion (USD 320 million at the time). The company has since launched additional partnerships to provide institutional investors exposure to renewable assets developed and operated by its renewable energy arm, Vena Energy.

Local Market Conditions 

In India, where institutional structuring options remain limited, the group said it would consider alternative strategic options in line with local market conditions.

Vena Group also highlighted progress on its digital infrastructure platform, Vena Nexus, launched earlier this year. The platform has developed a pipeline of about 3 GW IT of AI-ready data centre projects across Japan and Southeast Asia.

“We are excited to accelerate the growth of our green energy portfolio and contribute meaningfully to Asia’s energy independence and decarbonisation,” said Nitin Apte, CEO of Vena Group.

“We launched our Green Fund partnerships in 2019 in Japan. We are now planning to expand both in size and geographic scope,” said Simone Grasso, CIO of Vena Group and Global Head of Vena Nexus.

Vena Energy, the company’s renewables arm, has a portfolio of 38 GW across onshore wind, solar and offshore wind, alongside a pipeline of 25 GWh of battery storage and 848 KTPA of green hydrogen and ammonia.