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Manila Bulletin devider Philippines devider National devider Danish firm to develop offshore wind assets in PH

Danish firm to develop offshore wind assets in PH

Published Apr 3, 2023 07:23 am
Denmark and the Philippines have entered into a deal worth $5 billion that will develop offshore wind assets in at least five different Philippine provinces. The Department of Foreign Affairs (DFA) said Monday that the Copenhagen Infrastructure New Markets Fund (CINMF) signed on March 30 three offshore wind service contracts with the Department of Energy for the said projects. They will have a combined 2 gigawatts of wind energy capacity across Camarines Norte and Camarines Sur, Northern Samar, Pangasinan, and La Union, DFA added. CINMF, an affiliate of Danish fund manager Copenhagen Infrastructure Partners (CIP), is the first fully-foreign-owned company to invest in offshore wind developments in the country, according to the DFA. Philippine Ambassador to Denmark Leo Lim welcomed the signing of the agreement and said "the deal will generate around USD 5 billion in investments and 4,500 green jobs as well as increase the Philippines' renewable energy capacity." He expressed appreciation for Copenhagen's interest in helping the Philippines' transition to clean energy. Once implemented, the projects are expected to generate power that is enough to supply about one million households or 4.7 percent of the current target capacity for offshore wind projects. "This collaboration marks an important milestone in the pursuit of sustainable development and reinforces the shared commitment of the Philippines and Denmark to the green energy transition," he said, adding that he looks forward to more green cooperation between the two countries.

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