Philippines Inks Trio of Offshore Wind Service Contracts with Danish Fund

The Philippines Department of Energy (DOE) has signed three Offshore Wind (OSW) service contracts with Copenhagen Infrastructure New Markets Fund (CINMF), the first 100% foreign-owned company to invest in offshore wind development in the country.

The agreements help accelerate the Southeast Asian country’s aspirations to develop indigenous and renewable sources of energy. They were entered into following the lifting of foreign ownership restrictions on renewable energy development.

The three projects have a combined capacity of 2,000 megawatts (MW) to be developed in offshore Camarines Norte and Camarines Sur, offshore of Northern Samar, and offshore of Pangasinan and La Union. Each SC has a 25-year operating period. 

 “These agreements represent an additional strategic investment and a firm commitment to strengthen the renewable energy sector in the country, particularly the development of OSW,” said Philippines Energy Secretary Raphael P.M. Lotilla.

“They provide a significant contribution towards a low carbon future as well as encourage the development of the local supply chain.”

Przemek Lupa, Associate Partner in CINMF, added that these three OSW projects are important milestones in CIP’s renewable energy activities in the Philippines. “As one of the world leaders in offshore wind, CIP is proud to be the first 100% foreign-owned company to obtain such an award from the DOE, and we look forward to working together with the Philippine government and various authorities and to support their vision of developing and maturing wind and other renewable energy power generation in the country.”

CINMF is an affiliate of Danish fund manager Copenhagen Infrastructure Partners (CIP), which currently manages ten funds through which it focuses on investments in offshore and onshore wind, solar PV, biomass and energy-from-waste, transmission and distribution, reserve capacity, storage and advanced bioenergy.

The Philippines and the Danish Government have a long-standing cooperation in the development of wind power in the country. The 25 MW Bangui Bay Wind Power Project, developed in 2004 by the Northwind Power Development Corporation (NWPDC) in Bangui, Ilocos Norte, was partly funded by the Danish Government through the Danish International Development Assistance (DANIDA).

It was a landmark project that paved the way for developing onshore wind power projects in the country and the Southeast Asian Region.

#offshorewind #renewables

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