Copenhagen Infrastructure Partners (CIP) has entered into an agreement to offload a 25% stake in a 1GW offshore wind project off the Philippines.
CIP, through its Growth Markets Fund II, has signed an agreement with ACEN, the listed energy company of the Ayala group, to sell a 25% minority stake in the San Miguel Bay offshore wind project in Camarines Sur.
The project is set to become one of the Philippines’ first offshore wind projects with a potential installed capacity of up to 1GW.
This milestone underscores the two companies’ commitment to unlocking the country’s untapped offshore wind resource to accelerate the country’s energy transition.
CIP and its Growth Markets Fund II has sought a local partner with deep expertise in stakeholder management to advance the project.
ACEN, with its strong credentials in renewable energy, brings the necessary experience to complement CIP’s technological expertise.
The collaboration between the two companies is poised to establish a benchmark for offshore wind in the region and unlock further potential for large-scale clean energy projects.
The project, located near the coast of San Miguel Bay in Camarines Sur, leverages strategic site conditions, including abundant wind resources, shallow water depths to mitigate offshore wind challenges, and close proximity to the shore and the nearest substation.
Its in-bay location also presents a lower typhoon risk, further ensuring stability in operations.
The project is currently in its pre-development stage in anticipation of the Department of Energy’s 5th round of the Green Energy Auction (GEA-5) and will be subject to relevant regulatory approvals.
It will play a crucial role in strengthening the Luzon grid and meeting the Philippines’ rising energy demand with sustainable power.
Robert Helms, Partner at CIP’s Growth Markets Fund II, said: “We are delighted to enter into this landmark partnership with ACEN, one of the most experienced renewable energy developers in the Philippines.
“Together with CIP’s offshore wind expertise, we believe that ACEN’s experience and domestic and international track record in project execution and stakeholder management will set a strong foundation for the successful development of the Camarines Sur offshore wind project.
“This includes anticipated participation in the upcoming first offshore wind auction. We are also working towards the ambition of making our project one of the first operational offshore wind projects in the Philippines in line with the targets set by the current Philippine administration.”
Eric Francia, President and CEO of ACEN, said: “Offshore wind is poised to play a vital role in diversifying the country’s energy mix.
“ACEN is pleased to partner with CIP, a global leader in the offshore wind sector.
“We look forward to collaborating on this trailblazing initiative.”