ACEN Corp. said Tuesday it signed a deed of absolute sale with CI NMF Philippines C.V. to acquire a 25-percent stake in CI GMF II Camarines Offshore Wind Energy Corp.
CI GMF II Camarines Offshore Wind is the holding company for CI NMF (PH) Corp., which will develop, construct, operate and maintain a planned 1-gigawatt (GW) offshore wind energy project in the provinces of Camarines Sur and Camarines Norte.
“The transaction supports ACEN’s growth by marking its entry into the country’s first large-scale offshore wind project,” ACEN said in a disclosure to the Philippine Stock Exchange.
“With a potential capacity of up to 1 GW, the project will expand the company’s renewable energy portfolio and help strengthen its role in the country’s clean energy transition,” it said.
ACEN, the listed energy company of the Ayala group, is acquiring 29,500 common shares of CI GMF II Camarines Offshore Wind at P100 per share.
The company said the transaction “underscores the company’s commitment to unlocking the country’s vast offshore wind resources and accelerating the energy transition through the expansion of clean energy sources.”
“Offshore wind is poised to play a vital role in diversifying the country’s energy mix,” ACEN President and chief executive Eric Francia said earlier.
“ACEN is pleased to partner with CIP, a global leader in the offshore wind sector. We look forward to collaborating on this trailblazing initiative,” he said.
The project, located near the coast of San Miguel Bay, is considered one of the most advanced offshore wind initiatives in the Philippines due to strategic site conditions, including abundant wind resources, shallow water depths, and close proximity to the shore and the nearest substation. Its in-bay location also presents a lower typhoon risk, ensuring operational stability.
The project is in its pre-development stage, anticipating the Department of Energy’s fifth round of the Green Energy Auction (GEA-5) and will be subject to relevant regulatory approvals.
It is expected to play a crucial role in strengthening the Luzon grid and meeting the Philippines’ rising energy demand with sustainable power.
Copenhagen Infrastructure Partners (CIP), one of the world’s largest dedicated renewable energy asset managers, sought a local partner with deep expertise in stakeholder management to advance the project through its Growth Markets Fund II.
“Together with CIP’s offshore wind expertise, we believe that ACEN’s experience and domestic and international track record in project execution and stakeholder management will set a strong foundation for successful development of the Camarines Sur offshore wind project, including anticipated participation in the upcoming first offshore wind auction,” said Robert Helms, partner at CIP’s Growth Markets Fund II.
“We are also working towards the ambition of making this one of the first operational offshore wind projects in the Philippines in line with the offshore wind targets set by the current Philippine administration,” he said.
