, Philippines
190 view s

Copenhagen-based fund to invest in 3 offshore wind projects in the Philippines

The capacity of the three projects stands at around 2,000MW.

The Philippines’ Department of Energy entered three offshore wind service contracts with the Copenhagen Infrastructure New Markets Fund (CINMF) to invest in three projects, the first 100% foreign-owned firm to do so.

In a statement, Energy Secretary Raphael Lotilla said the deals represent additional strategic investment and the country’s firm commitment to reinforce the renewable energy sector, particularly the offshore wind sector.

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

READ MORE: Philippines considers nuclear as a solution to potential baseload power crisis

The three projects which have a total capacity of 2,000 megawatts will be developed in offshore Camarines Norte and Camarines Sure, Northern Samar, and Pangasinan and La Union. Each of the service contracts has a 25-year operating period.

It added that the three projects will open around 4,500 jobs and generate power enough to supply around one million households and avoid about 2.9 million tonnes of carbon dioxide emissions annually.

The Philippine government has awarded 57 offshore wind service contracts to date with a total potential capacity of around 42,000MW.

Follow the link for more news on

Join Asian Power community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

India’s Rajasthan and Gujarat need policy reforms to fuel RE transition
Some steps they could take are implementing green tariffs and setting infrastructure funds.
Global clean energy tech market to hit $2t by 2035
This is fuelled by investments as countries aim to enhance energy security.The global clean energy technology market is projected to grow from $700b in 2023 to over $2t by 2035, nearing the scale of the crude oil market, according to the International Energy Agency (IEA).This growth is fuelled by significant investments in clean technology manufacturing as countries aim to enhance energy security, maintain economic competitiveness, and cut emissions. Investment is concentrated in regions with established positions in clean energy, particularly China, the European Union, the UK, and increasingly, India.Whilst the US, EU, and India have taken measures to support their clean energy sectors, China is expected to remain the world's manufacturing hub. By 2035, China's clean technology exports are forecasted to exceed $340b—comparable to projected oil export revenues from Saudi Arabia and the UAE.Southeast Asia, Latin America, and Africa contribute less than 5% of global cleantech production value, yet the IEA suggests that these areas still hold opportunities within the clean energy economy. Developing economies, for instance, could leverage competitive advantages to advance in the value chain beyond resource extraction.The IEA said Southeast Asia could become one of the most cost-effective regions for producing polysilicon and wafers for solar panels over the next decade.

Exclusives

Coal-dependent ASEAN told to scale up RE generation
A regional power grid could help governments in their renewable energy transition.
Indonesia told to tap communities in clean energy transition
Solar and wind power managed by villages could generate 96 million jobs over 25 years.
Indonesia to add 90 MW geothermal capacity
Three power plants in West and East Java and North Sumatra will start operating this year.