The Philippines government is stepping up efforts to advance what is expected to be the region’s first offshore wind farm in Camarines Sur, as part of broader initiatives to reinforce the country’s energy security, according to the Department of Finance (DOF). In a statement, the DOF said Finance Secretary and investment czar Frederick Go recently held discussions with officials from Copenhagen Infrastructure Partners (CIP) aimed at expediting the development of the 901-megawatt (MW) San Miguel Bay Offshore Wind Power Project.
Being developed through a joint venture with Ayala-led ACEN Corp., the project is positioned to become the first offshore wind farm in both the Philippines and Southeast Asia upon completion. During the meeting, discussions centered on financing arrangements and preparations linked to the upcoming Green Energy Auction. CIP also outlined plans to seek financing support from government financial institutions as part of the project’s funding strategy.
Offshore Wind Development Aligned With Energy Goals
Go emphasized that government backing for offshore wind initiatives is consistent with the country’s clean energy agenda. He noted that the development of an offshore wind farm plays a significant role in enhancing long-term energy security while helping advance sustainability objectives.
“Today, global companies are actively seeking renewable energy to power their operations and meet sustainability commitments to their own customers – and the Philippines needs to be ready to meet that demand,” Go said.
“The San Miguel Bay Offshore Wind Power Project will help provide cleaner and more reliable energy, create quality jobs, spur local economic growth and support a more resilient and sustainable future,” he added.
The San Miguel Bay Offshore Wind Power Project is also expected to support the renewable energy targets outlined in the Philippine Energy Plan 2023-2050. In addition to supplying clean power, the offshore wind farm is projected to generate employment opportunities during both the construction and operational phases, while encouraging economic activity across Camarines Sur and neighboring provinces.
CIP Highlights Long-Term Renewable Energy Commitment
CIP is recognized as a leading fund manager focused on greenfield renewable energy investments and currently holds a pipeline of offshore and onshore wind projects valued at around $5.5 billion. The company manages 15 funds supported by more than 200 institutional investors and has raised approximately $43 billion to date.
According to the government, CIP’s continued investment in the Philippines reflects increasing investor confidence in the country as well as in the growth prospects of its renewable energy sector.
