Prime Highlights:
- Danish company Copenhagen Infrastructure Partners (CIP) will invest over £2.3 billion to build its first offshore wind farm in the Philippines.
- The project is a major step in helping the Philippines increase renewable energy and reach its clean energy goals.
Key Facts:
- The wind farm will be located in Camarines Sur and developed with ACEN Renewable Energy Solutions (Ayala Group).
- In 2023, CIP signed 25-year contracts for multiple offshore wind projects, including Camarines Norte and Camarines Sur (1 GW total), Northern Samar (650 MW), and Dagupan (350 MW).
Background:
Danish firm CIP will invest over £2.3 billion to build its first offshore wind farm. The project will be located in Camarines Sur and developed in partnership with ACEN Renewable Energy Solutions, a subsidiary of the Ayala Group’s energy division.
Government spokesperson Claire Castro highlighted that the initiative reflects continued interest from international investors in the country’s renewable energy sector. “CIP chose the Philippines due to its strategic location and President Ferdinand Marcos Jr.’s commitment to expanding renewable energy,” she said.
Under the current administration, the government aims to increase renewable energy’s share of the power generation mix to 35% by 2030 and 50% by 2040. This offshore wind project is an important step toward reaching these goals.
CIP, which oversees a £24.6 billion portfolio, is the first fully foreign-owned company to enter the Philippine offshore wind market following the 2022 relaxation of foreign ownership rules for renewable energy investments.
In 2023, the company signed 25-year deals for several offshore wind projects: Camarines Norte and Camarines Sur (1 GW total), Northern Samar (650 MW), and Dagupan (350 MW).
This investment is a big boost for the Philippines’ renewable energy, bringing in foreign expertise and funding and helping the government meet its clean energy targets.
