The Philippines is undergoing a historic transition from fossil fuels to renewables, propelled by recent government policies. This includes a moratorium on coal plants, lifting foreign ownership restrictions in renewable energy, and ambitious targets for 2030 and 2040. These initiatives will bolster renewable capacity, ensuring energy security and driving economic growth. The commitment to offshore wind positions the Philippines as a pioneer in Southeast Asia.

As the first 100 percent foreign developer, Copenhagen Infrastructure Partners (CIP) was awarded 25-year offshore wind service contracts from the Philippine Department of Energy. The projects along the coasts of Camarines Norte, Camarines Sur, Northern Samar, Pangasinan, and La Union, have a combined capacity of up to 2 GW, and represent a crucial step towards harnessing the Philippines’ vast potential for low-cost, high-quality renewable energy.

This USD 5 billion investment is set to generate up to 4,500 jobs during development and operations, power to 3-4 million Filipino households, and reduce annual CO2 emissions by 2.9 million tons. Operations are expected to commence as early as 2028, making them the first of their kind in the country.

Apart from investing in mainstream renewables, including green hydrogen and ammonia, CIP is a global leader in offshore wind, with landmark projects such as the 589 MW Changfang and Xidao project in Taiwan, which, together with the 298 MW Zhong Neng project, attracted funding from 35 local and international banks, as well as Vineyard Wind, the first commercial-scale offshore wind project in USA.

Contributors:
CIP (Copenhagen Infrastructure Partners), COP (Copenhagen Offshore Partners)