ACEN taps CIP for 1 GW offshore wind project in PH

The investment firm acquired a minority stake in the project.

The Philippines’ ACEN has inked definitive agreements with Copenhagen Infrastructure Partners’ (CIP) Growth Markets Fund II to acquire a 25% minority stake in the latter’s proposed 1 gigawatt offshore wind project in Camarines Sur.

Located near the coast of San Miguel Bay, the Camarines Sur offshore wind project is expected to become one of the Philippines’ first offshore wind projects.

ACEN said in a statement that 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.

“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,” said Robert Helms, partner at CIP’s Growth Markets Fund II.

Since obtaining a Wind Energy Service Contract (WESC) in 2023, the project has been granted Green Lane status by the Philippine Board of Investments to expedite the processing of necessary licenses and permits.

In October 2024, it received a Certificate of Energy Project of National Significance, granting it priority processing and expedited approvals from permitting agencies, government agencies, local government units, and other relevant authorities. Additionally, it received a pre-development Environmental Compliance Certificate for the commencement of offshore site surveying.

Last February, the project signed a Connection Agreement with the National Grid Corporation of the Philippines, securing access to grid connection.