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. 

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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.