Copenhagen Infrastructure Partners (CIP) is selling a 25% stake in a large-scale offshore wind project in the Philippines to locally listed energy firm ACEN.
CIP’s Folksam-backed Growth Markets Fund II, which invests in greenfield renewable energy infrastructure in high-growth middle-income markets, has agreed to sell the minority interest in the proposed offshore wind project in Camarines Sur.
The project is set to become one of the Philippines’ first offshore wind developments, with a potential installed capacity of up to 1GW.
The project, which still needs to receive the necessary government approvals, is currently in its early development phase, getting ready for the Department of Energy’s next Green Energy Auction.
Eric Francia, president and CEO at ACEN, said: “Offshore wind is poised to play a vital role in diversifying the country’s energy mix. ACEN is pleased to partner with CIP, a global leader in the offshore wind sector. We look forward to collaborate on this trailblazing initiative.”
Robert Helms, partner at CIP’s Growth Markets Fund II, said: “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 successful development of the Camarines Sur offshore wind project, including anticipated participation in the upcoming first offshore wind auction.
“We are also working towards the ambition of making this one of the first operational offshore wind projects in the Philippines in line with the offshore wind targets set by the current Philippine administration.”
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