CIP to invest USD 1.92bn in 650-MW Philippine offshore wind project

Danish investment firm Copenhagen Infrastructure Partners P/S (CIP) is expected to plough PHP 108 billion (USD 1.92bn/EUR 1.77bn) into an offshore wind farm development off the coast of the Philippines, according to an announcement by the government of Northern Samar province.

Northern Samar Governor Edwin Ongchuan met with CIP’s executives on January 25 to discuss plans for the 650-MW wind project, the provincial government said.

The turbines of the wind farm, dubbed North Samar, would pop up off the coast of Bobon, Catarman, Mondragon, San Roque, Pambujan, and Laoang municipalities.

The project is currently in the pre-development phase and site investigations are expected to begin in the first quarter of 2024 and continue through 2025. Discussions are also underway with National Grid Corporation to secure grid connection points.

CIP became the first foreign investor to be granted site exclusivity in the Philippines once foreign ownership of renewables was authorised in November 2022. In March 2023, it became the first 100% foreign-owned company to be awarded renewable energy service contracts in the country.

CIP’s North Samar project is being developed under the Wind Energy Service Contract (WESC). The project has been endorsed by the Department of Energy and other relevant entities, according to the Northern Samar provincial government.

Additionally, CIP has applied to register other offshore wind projects in the country, aiming to install some 1,000 MW off the coast of Camarines Norte and Camarines Sur and 350 MW of Pangasinan and La Union. The company is determined to finalise all of its offshore wind projects in the country during the term of President Ferdinand Marcos Jr, whose six-year term began in June 2022, the local government said.

(PHP 10 = USD 0.177/EUR 0.163)

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