Philippines fast-tracks SE Asia’s first offshore wind farm

MANILA, Philippines — The government is moving to fast-track the development of what could become the region’s first offshore wind project in Camarines Sur to strengthen the country’s energy security, according to the Department of Finance.

The DOF said in a statement that Finance Secretary and investment czar Frederick Go recently met with officials of Copenhagen Infrastructure Partners (CIP) to accelerate the development of the 901-megawatt (MW) San Miguel Bay Offshore Wind Power Project.

The project, a joint venture with Ayala-led ACEN Corp., is poised to become the first offshore wind farm both in the Philippines and Southeast Asia once it is completed.

The meeting covered financing arrangements and preparations for the upcoming Green Energy Auction.

CIP also shared its plans to engage government financial institutions for financing.

For his part, Go said the government’s support for offshore wind development is in line with the push for clean energy.

He said that offshore wind development is critical to strengthening the country’s long-term energy security and advancing sustainability goals.

“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,” he 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.

In addition, the project will contribute to achieving renewable energy targets under the Philippine Energy Plan 2023-2050.

Beyond providing clean energy, the project is expected to create jobs during construction and operations, as well as stimulate economic activity in Camarines Sur and neighboring provinces.

CIP is a leading fund manager specializing in greenfield renewable energy investments, with a pipeline of offshore and onshore wind projects amounting to around $5.5 billion.

It manages 15 funds backed by more than 200 institutional investors and has raised approximately $43 billion to date.

For the government, CIP’s investment in the Philippines reflects growing investor confidence in the country and its renewable energy sector.