Denmark's Copenhagen Offshore Partners (COP) said it is set to bring in additional investors for its $3 billion offshore wind project in southern Luzon, which is set to become one of the Philippines' first offshore wind farms.
“So of course, we will retain control and at least 50% until the project is fully completed. That's the principle of CIP (Copenhagen Infrastructure Partners), and that's what we've always done,” COP Chief Executive Officer Rune Damgaard told reporters last week.
COP, through its affiliate Copenhagen Infrastructure New Market Fund Philippines Corp., plans to develop an offshore wind farm off the coast of San Miguel Bay with a potential capacity of 1,000 megawatts (MW) of electricity.
The massive wind farm is expected to be completed by the third quarter of 2028, according to its filing with the Department of Environment and Natural Resources (DENR) last year.
Mr. Damgaard said the company aims to submit its application for a certificate of environmental compliance, a permit issued by the DENR, before the start of the summer season.
Last year, Ayala Group's listed energy unit ACEN Corp. had acquired a 25% minority stake in the project for P2.95 million, marking its entry into offshore wind.
“The objective was to bring in an experienced partner because we may have experience doing offshore wind around the world, but they have experience working in the Philippines. So, with the combined efforts of both of us, we saw a recipe for success,” Mr Damgaard said.
ACEN President and CEO Eric T. Francia said the company is not planning additional offshore wind projects at this time, choosing instead to focus on the San Miguel venture.
“I think we will focus on this joint venture first so that we can learn because it is a new technology for us… We are not considering another offshore wind project at this point. We will focus on this first. Kailangang Matuto Muna (We need to learn it first),” he said.
Apart from the San Miguel Bay project, CI NMF is also proposing a 650 MW offshore wind farm in Northern Samar and a 350 MW project in Dagupan, Pangasinan.
These projects are among 16 flagship projects supported by the Department of Energy (DoE), which is committed to providing more than 16 gigawatts (GW) of new renewable capacity. DOE plans to hold the country's first green energy auction exclusively dedicated to offshore wind this year, with a target of installation of 3.3 GW.
The Philippines aims to generate its first offshore wind output by 2028 as it looks to diversify its energy mix and reduce reliance on fossil fuels. — Sheldin Joy Talavera