Danish company Copenhagen Infrastructure Partners (CIP) is investing $30 million in preparation for joining the Green Energy Auction Program (GEAP) for large wind projects by 2025.
“Our intention until about mid next year, [when] we expect the GEAP auction to take place, is to spend roughly $30 million or so on development activities,” CIP partner and offshore wind lead for the growth markets fund Robert Helms said.
The initial investment forms part of the $5.5-billion investment targets comprising of $5 billion for its 2-gigawatt offshore wind projects and $500 million for its 300-MW onshore wind project.
The OSW projects will be developed in offshore Camarines Norte and Camarines Sur (1,000 MW), offshore of Northern Samar (650 MW) and offshore Pangasinan and La Union (350 MW).
The company targets to complete the offshore wind projects within the term of President Ferdinand Marcos Jr.
Helms said they were open to taking a partner for CIP’s planned renewable energy projects.
“We are certainly someone who has a history of partnering. And local partners are always a fantastic anchor point in any country. So far, we are very happy that the 60-40 rule has been dropped,” Helms said during the inauguration of its new Manila office at the ORE Building in Bonifacio Global City, Taguig.
The event marks a significant milestone in CIP’s commitment to the Philippines’ goal of energy security and a low-carbon future.
Energy Secretary Raphael Lotilla, Danish Ambassador Franz-Michael Skjold Mellbin, Philippine Ambassador to Denmark Leo Herrera-Lim, Department of Environment and Natural Resources Secretary Toni Yulo-Loyzaga and Special Assistant to the President for Investment and Economic Affairs Secretary Frederick Go graced the inauguration ceremony.
Mellbin reaffirmed Denmark’s strong ties with the Philippines and CIP’s pivotal role in these collaborations.
“With this knowledge and technology needed, combined with a government that is willing to take bold steps to bring cheap, abundant, and safe energy to the Philippine people, is a winning combination. This is a huge step forward for the Philippines,” said Mellbin.
Lotilla underscored the government’s support for CIP and highlighted the benefits of offshore wind.
“What CIP has been establishing in the Philippines is beneficial for all the renewable projects. It helps demonstrate to the communities what the future holds in terms of new job and economic opportunities,” he said.
“We are honored to celebrate this significant occasion with our stakeholders who have been supporting us throughout our journey,” said Przemek Lupa, CIP’s associate partner in charge of Southeast Asia for the growth markets fund.
“Since the government allowed 100%-foreign firms to develop renewable energy projects almost two years ago, CIP is grateful to have been a first mover in this space. We were granted Wind Energy Service Contracts for a 2GW portfolio of offshore wind projects and 300MW of onshore wind. We are proud of the progress we have made so far on these projects. Through this event, we wish to reaffirm our commitment to the country and express our strong intent to develop further projects in the Philippines’ power sector,” Lupa said.
Helms said CIP’s growth market funds focus on investments in large-scale and complex greenfield renewable energy infrastructure projects in high-growth, middle-income markets.
“Our funds target markets across Asia, Latin America, and EMEA with strong fundamentals for renewable energy investments. These include high economic and demographic growth and an expanding middle class, leading to an accelerating demand for electricity. The Philippines stands out as a prime candidate for these investments, and our new office in Manila is a testament to our long-term commitment to the region,” he said.
