The Danish fund manager Copenhagen Infrastructure Partners (CIP), via its Copenhagen Infrastructure New Markets Fund (CINMF), has signed 25-year Offshore Wind Service Contracts with the Philippines’ Department of Energy (DOE) for three offshore wind projects, totalling 2 GW in capacity. CIP will thus become the first company to venture on a 100% foreign-owned basis into offshore wind development in the Philippines.
The three wind projects will be developed off Camarines Norte and Camarines Sur (southern Luzon Island), Northern Samar (central Philippines), and Pangasinan and La Union (northern Luzon Island). The projects are expected to generate enough electricity to power about 1 million Philippine households and offset emissions by approximately 2.9 MtCO2/year.
In the Philippines, there are currently 57 offshore wind service contracts awarded by the DOE, with a total potential capacity of about 42 GW that will be developed in the coming years. The Philippines aims to bring the share or renewables in the power generation mix to 35% by 2030 and 50% by 2040. Renewables represent 21% of the Philippine’s mix (2021), of which 10% from geothermal, 9% from hydro, and 1% each from wind, solar and biomass. The country does not yet possess any offshore wind capacity (443 MW of onshore capacity in 2021).
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