CIP and ACEN to team up on the Philippines’ first large-scale offshore wind project

Copenhagen Infrastructure Partners, through its Growth Markets Fund II, has signed an agreement with ACEN, the listed energy company of the Ayala group, to sell a 25% minority stake in the San Miguel Bay offshore wind project in Camarines Sur subject to applicable regulatory approvals.

The project is set to become one of the Philippines' first offshore wind projects with a potential installed capacity of up to 1 GW, and this milestone underscores the two companies’ commitment to unlocking the country’s untapped offshore wind resource to accelerate the country’s energy transition.

Copenhagen Infrastructure Partners and its Growth Markets Fund II has sought a local partner with deep expertise in stakeholder management to advance the project. ACEN, with its strong credentials in renewable energy, brings the necessary experience to complement CIP’s technological expertise. The collaboration between the two companies is poised to establish a benchmark for offshore wind in the region and unlock further potential for large-scale clean energy projects.

Positioned as among the most advanced offshore wind initiatives in the country, the project, located near the coast of San Miguel Bay in Camarines Sur, leverages strategic site conditions, including abundant wind resources, shallow water depths to mitigate offshore wind challenges, and close proximity to the shore and the nearest substation. Its in-bay location also presents a lower typhoon risk, further ensuring stability in operations.

The project is currently in its pre-development stage in anticipation of the Department of Energy’s 5th round of the Green Energy Auction (GEA-5) and will be subject to relevant regulatory approvals. It will play a crucial role in strengthening the Luzon grid and meeting the Philippines' rising energy demand with sustainable power.