The Philippines Department of Energy has signed three offshore wind service contracts with Copenhagen Infrastructure New Markets Fund (CINMF).
CINMF is an affiliate of Danish fund manager Copenhagen Infrastructure Partners (CIP).
These contracts were created after the Philippines government lifted foreign ownership restrictions on renewable energy development.
The three projects have a combined capacity of 2,000 MW, to be developed offshore of Camarines Norte and Camarines Sur, offshore of Northern Samar and offshore of Pangasinan and La Union. Each contract has a 25-year operating period.
To date, there have been 57 offshore wind service contracts awarded by the Philippines Department of Energy, with a total potential capacity of about 42 GW.
Once implemented, the three projects are expected to create around 4,500 jobs during the development and operations period, generate enough power to supply about 1 million households, and offset about 2.9 million tons of CO2 emissions per year.
“As one of the world leaders in offshore wind, CIP is proud to be the first 100% foreign-owned company to obtain such an award, and we look forward to working together with the Philippines government and various authorities and to support their vision of developing and maturing wind and other renewable energy power generation in the country,” says Przemek Lupa, associate partner in CINMF.
The Philippines and Danish governments have a long-standing cooperation in the development of wind power. The 25 MW Bangui Bay Wind Power Project, developed in 2004 by the Northwind Power Development Corporation in Bangui, Ilocos Norte, was partly funded by the Danish government through Danish International Development Assistance.
