Copenhagen Infrastructure New Market Fund Philippines Corp. (CINMF), an affiliate of Copenhagen Infrastructure Partners (CIP) and Copenhagen Offshore Partners (COP), is investing P130 billion to P170 billion to construct a 1,000-megawatt offshore wind farm in the Philippines.
CINMF is the first 100-percent foreign-owned company to be awarded a wind energy service contract (WESC) by the Department of Energy (DOE) on March 30, 2023 for exclusive right to explore and develop an area in San Miguel Bay in Bicol region for harnessing offshore wind energy to produce electricity.
The company said in documents submitted to the Department of Environment of Natural Resources that its wind energy service contract (WESC) with the Department of Energy covers an area of 23,307 hectares in the municipal waters of Sipocot, Cabusao, Calabanga and Tinambac in the province of Camarines Sur, and Mercedes in the province of Camarines Norte.
It said the proposed San Miguel Bay Offshore Wind Power Project would contribute about 3 million metric tons of carbon dioxide equivalent (mtCO2e) in avoided emissions per year, which accounts for about 2 percent of the Philippines’ carbon emissions from energy consumption.
CINMF aims to help meet the increasing demand for reliable and affordable electricity supply, while also supporting the Philippine government’s strategy in addressing the challenges in climate change, energy security, and improving access to clean energy.
It said the offshore wind projects are poised to significantly stimulate economic activity and drive local economies as it can lead to increased demand for local services and materials, creating a ripple effect that benefits various sectors.
The development, installation, operations and maintenance of offshore wind farms are expected to generate about 1,500 direct jobs from construction, engineering, and technical services, providing diverse employment opportunities for local communities.
Its manufacturing components would also create around 1,900 indirect job opportunities.
“This highlights the broader economic impact, as local manufacturers and suppliers will be needed to support the offshore wind supply chain, thus enhancing industrial growth and resilience,” CINMF said.
The company will install 110 to 160 wind turbines in San Miguel Bay, with the final count and specifications to be determined during the detailed design phase.
The company plans to start the construction of the project by the third quarter of 2026, and the target for commercial operation is the third quarter of 2028.
The schedule may change depending on other factors during project implementation, the company said.
