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Manila Bulletin devider Business devider The Stock Market devider ACEN, Copenhagen firm partner for 1-GW offshore wind project in Camarines Sur

ACEN, Copenhagen firm partner for 1-GW offshore wind project in Camarines Sur

Published May 29, 2025 09:21 am  |  Updated May 29, 2025 02:16 pm

Ayala-led ACEN Corp. has teamed up with Copenhagen Infrastructure Partners (CIP) for a proposed offshore wind (OSW) project off the coast of Camarines Sur that aims to deliver up to one gigawatt (GW) of capacity.

In a disclosure to the Philippine Stock Exchange this Thursday, May 29, ACEN said it has acquired a 25 percent minority stake in CIP’s Growth Markets Fund II, recognized as one of the world’s leading renewable energy (RE) asset managers.

According to ACEN, the Camarines Sur offshore wind initiative stands out as one of the most advanced OSW projects. Its location near San Miguel Bay is characterized by abundant wind resources, shallow water depths, and close proximity to an existing substation.

"Its in-bay location also presents a lower typhoon risk, further ensuring stability in operations," the company noted.

The OSW project is currently in its pre-development phase, awaiting the fifth round of the Department of Energy’s (DOE) Green Energy Auction (GEA-5). The DOE previously indicated that this program would be announced around the third quarter of 2025, aiming to provide a secure and accessible market for industry players. To date, the government has awarded 92 OSW service contracts with a total capacity of approximately 68,656 megawatts (MW), or roughly 69 GW.

The Camarines Sur project secured a Wind Energy Service Contract (WESC) in 2023 and was granted Green Lane status by the Board of Investments (BOI) in February 2024, which is expected to expedite necessary licensing and permit processes.

Other key milestones include the pre-development Environmental Compliance Certificate (ECC) and a Certificate of Energy Project of National Significance (CEPNS), both obtained in October 2024. In February, the project also secured a Connection Agreement with the National Grid Corp. of the Philippines (NGCP) for its grid integration.

Eric Francia, president and chief executive officer of ACEN, expressed his belief that the partnership with CIP would pave the way for future large-scale clean energy projects in the Philippines.

"Offshore wind is poised to play a vital role in diversifying the country’s energy mix. ACEN is pleased to partner with CIP, a global leader in the offshore wind sector," he stated.

Robert Helms, partner at CIP’s Growth Markets Fund II, added that this collaboration would contribute to the government’s current green energy objectives.

“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,” Helms said. “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.”

While offshore wind developments are still in the early stages, Juan Paolo Colet, analyst and managing director of Chinabank Capital Corp. considered ACEN’s move with CIP a “powerhouse partnership for OSW”.
“CIP is a global leader in the field while ACEN is a homegrown renewable energy champion. Their combined global and local expertise and resources will be very important in executing one of the most complex renewable energy projects in the country,” he said.
“Moreover, having them as project sponsors will certainly help attract a strong syndicate of banks to finance such a landmark undertaking,” Colet added.

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ACEN President and CEO ACEN Corp.
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