ACEN Corp., the listed energy company of the Ayala Group, announced its acquisition of a 25 percent stake in Copenhagen Infrastructure Partners’ (CIP) Growth Markets Fund II proposed offshore wind project in Camarines Sur with an estimated capacity of 1,000 megawatts.
ACEN disclosed on Thursday it signed definitive agreements with CIP for a 25 percent stake in the CamSur offshore wind project subject to applicable regulatory approvals.
It said this milestone underscores ACEN’s commitment to unlocking the country’s untapped offshore wind resource to accelerate the country’s energy transition.
“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. We look forward to collaborate on this trailblazing initiative,” Eric Francia, ACEN president and chief executive said.
The project, located near the coast of San Miguel Bay, is positioned as among the most advanced offshore wind initiatives in the country, leveraging on strategic site conditions, including abundant wind resources, shallow water depths to mitigate offshore wind challenges and close proximity to the shore and the nearest substation.
Its in-bay location also presents a lower typhoon risk, further ensuring stability in operations.
The project is currently in its pre-development stage in anticipation of the Department of Energy’s 5th 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.
Through its Growth Markets Fund II, CIP, one of the largest dedicated renewable energy asset managers in the world, has sought a local partner with deep expertise in stakeholder management to advance the project.
“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. 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,” Robert Helms, Partner at CIP’s Growth Markets Fund II, said.
Meanwhile, ACEN, with its strong credentials in renewable energy, brings the necessary experience to complement CIP’s technological expertise.
The collaboration between the two companies is poised to establish a benchmark for offshore wind in the region and unlock further potential for large-scale clean energy projects.
