Copenhagen Infrastructure Partners (CIP), through its Growth Markets Fund II, has signed an agreement with ACEN, the listed energy platform of the Ayala Group, to sell a 25% minority stake in the planned San Miguel Bay offshore wind project in Camarines Sur.
The wind farm, with a potential capacity of up to 1GW, is set to become one of the Philippines’ first large-scale offshore wind projects. The agreement is subject to regulatory approvals.
According to CIP, the project will leverage favourable site conditions, including shallow waters, strong wind resources, and proximity to the shore and grid infrastructure. Located within San Miguel Bay, the site’s in-bay position is expected to reduce typhoon risk and enhance operational stability.
The project is currently in its pre-development stage and is being prepared for participation in the Philippine Department of Energy’s 5th Green Energy Auction (GEA-5). It aims to contribute significantly to the stability of the Luzon power grid and meet rising electricity demand in the region with renewable energy.
Robert Helms, Partner at CIP’s Growth Markets Fund II, said:
“We are delighted to enter into this landmark partnership with ACEN, one of the most experienced renewable energy developers in the Philippines. 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 the successful development of the Camarines Sur offshore wind project.”
He added that the joint venture aims to be among the first operational offshore wind projects in the Philippines, aligning with government targets and expected to participate in the country’s first offshore wind auction.
ACEN President and CEO Eric Francia commented:
“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 collaborating on this trailblazing initiative.”
CIP had previously secured a Wind Energy Service Contract for the site in 2023. Since then, the project has received Green Lane status in February 2024 to expedite licensing processes and a Certificate of Energy Project of National Significance in October 2024. In February 2025, it signed a grid connection agreement with the National Grid Corporation of the Philippines.
Copenhagen Infrastructure Partners is a Denmark-based fund manager specializing in greenfield energy investments. It manages 13 funds with approximately EUR 32 billion in capital raised and projects in more than 30 countries.
ACEN, listed on the Philippine Stock Exchange, operates about 7GW of attributable renewable capacity across the Asia Pacific. The company aims to reach 100% renewable energy generation by 2025 and Net Zero emissions by 2050.
Source: Copenhagen Infrastructure Partners (CIP)
