Copenhagen Infrastructure Partners (CIP), through its Growth Markets Fund II, has announced the signing of an agreement with Philippine-based company ACEN for the sale of a 25% stake in the San Miguel Bay offshore wind project. The transaction remains subject to approval from the relevant regulatory authorities.
Located in Camarines Sur province in southern Luzon, the project aims to reach an installed capacity of up to 1 gigawatt. It is among the first large-scale offshore wind initiatives in the Philippines. This strategic alliance comes in anticipation of the fifth round of the Green Energy Auction (GEA-5), led by the Philippine Department of Energy.
A project designed to meet local constraints
The project’s location in San Miguel Bay mitigates some of the structural challenges associated with offshore wind. The marine environment features consistent wind conditions, shallow waters, and close proximity to existing electrical infrastructure, including the nearest substation. The reduced typhoon risk in this sheltered zone enhances the site’s technical appeal.
CIP, which brings offshore technological expertise, has selected a local partner with proven stakeholder management capabilities. ACEN, a listed subsidiary of the Ayala Group, has a strong track record in developing renewable energy projects in the Philippines and abroad.
A partnership positioned for future auctions
According to Robert Helms, Partner at CIP’s Growth Markets Fund II, the partnership aims to position the project as a candidate for the country’s first dedicated offshore wind auction. He stated: “Together, we are laying the groundwork for an operational offshore wind project aligned with the goals of the current administration.”
Eric Francia, President and Chief Executive Officer of ACEN, said that offshore wind represents a strategic opportunity to diversify the national energy mix. He highlighted ACEN’s intention to collaborate on this initiative, describing it as a “trailblazing” venture for the country.
