Copenhagen Infrastructure Partners (CIP), through its Growth Markets Fund II, has agreed to sell a 25% minority stake in the San Miguel Bay offshore wind project in Camarines Sur to ACEN, the energy company of the Ayala group. This deal will still need approval from the proper government authorities.
CIP said last Thursday that the San Miguel Bay project could become one of the first offshore wind farms in the Philippines, with the potential to generate up to 1 gigawatt of power. This important step shows both companies’ strong commitment to using the country’s offshore wind resources to help speed up the shift to cleaner energy.
Copenhagen Infrastructure Partners and its Growth Markets Fund II have been looking for a local partner with strong experience in working with local communities and groups to help move the project forward.
ACEN has a strong background in renewable energy and brings valuable experience that supports CIP’s technical skills.
The partnership between the two companies aims to set a standard for offshore wind projects in the region and help open up more opportunities for big clean energy projects in the future.
This project is one of the most developed offshore wind efforts in the Philippines. It is located near San Miguel Bay in Camarines Sur and takes advantage of a great location—with strong winds, shallow waters that make building easier, and a nearby substation and shoreline, which help reduce challenges and costs.
Because the project is located within the bay, it faces a lower risk of typhoons, which helps make its operations more stable and reliable.
The project is still in its early planning stage as it prepares for the Department of Energy’s 5th Green Energy Auction (GEA-5). It will also need to get the necessary approvals from the government before moving forward.
The project will help make the Luzon power grid stronger and provide clean energy to meet the growing electricity needs of the Philippines.
“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,” said Robert Helms, Partner at CIP’s Growth Markets Fund II.
“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,” he added.
Eric Francia, President and CEO of ACEN, said that offshore wind will be an important part of adding more variety to the country’s energy sources.
“ACEN is pleased to partner with CIP, a global leader in the offshore wind sector. We look forward to collaborating on this trailblazing initiative,” he added.
CIP manages 13 investment funds and has raised about 32 billion euros (around 36.31 billion dollars) from about 180 investors worldwide. The company has projects in over 30 countries.
Copenhagen Infrastructure Partners (CIP), through its Growth Markets Fund II, has agreed to sell a 25% minority stake in the San Miguel Bay offshore wind project in Camarines Sur to ACEN, the energy company of the Ayala group. This deal will still need approval from the proper government authorities.
CIP said last Thursday that the San Miguel Bay project could become one of the first offshore wind farms in the Philippines, with the potential to generate up to 1 gigawatt of power. This important step shows both companies’ strong commitment to using the country’s offshore wind resources to help speed up the shift to cleaner energy.
Copenhagen Infrastructure Partners and its Growth Markets Fund II have been looking for a local partner with strong experience in working with local communities and groups to help move the project forward.
ACEN has a strong background in renewable energy and brings valuable experience that supports CIP’s technical skills.
The partnership between the two companies aims to set a standard for offshore wind projects in the region and help open up more opportunities for big clean energy projects in the future.
This project is one of the most developed offshore wind efforts in the Philippines. It is located near San Miguel Bay in Camarines Sur and takes advantage of a great location—with strong winds, shallow waters that make building easier, and a nearby substation and shoreline, which help reduce challenges and costs.
Because the project is located within the bay, it faces a lower risk of typhoons, which helps make its operations more stable and reliable.
The project is still in its early planning stage as it prepares for the Department of Energy’s 5th Green Energy Auction (GEA-5). It will also need to get the necessary approvals from the government before moving forward.
The project will help make the Luzon power grid stronger and provide clean energy to meet the growing electricity needs of the Philippines.
“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,” said Robert Helms, Partner at CIP’s Growth Markets Fund II.
“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,” he added.
Eric Francia, President and CEO of ACEN, said that offshore wind will be an important part of adding more variety to the country’s energy sources.
“ACEN is pleased to partner with CIP, a global leader in the offshore wind sector. We look forward to collaborating on this trailblazing initiative,” he added.
CIP manages 13 investment funds and has raised about 32 billion euros (around 36.31 billion dollars) from about 180 investors worldwide. The company has projects in over 30 countries.
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