Danish company Copenhagen Offshore Partners (COP) is investing $3 billion in the Philippines’ first offshore wind power project, targeting to generate 1-gigawatt (GW) of energy. The San Miguel Bay project, located in Camarines Sur, is set to begin operations by 2028, within the term of the Marcos administration.
Copenhagen Infrastructure Partners (CIP), COP’s exclusive partner for offshore wind projects, is spearheading the development. The company has allocated $30 million for pre-development activities, including environmental impact assessments and geotechnical surveys, which will continue until mid-2025. CIP’s larger investment plan includes $5 billion for a 2GW offshore wind portfolio and $500 million for a 300-megawatt onshore wind portfolio in the Philippines.
CIP also plans to build offshore wind farms in Northern Samar and Pangasinan, contributing to the country’s renewable energy goals. Robert Helms, CIP’s growth market fund partner, emphasized the importance of completing the projects within the administration’s timeframe, while ensuring competitive pricing for sustainable energy between P9 and P16 per kilowatt hour.
The project is part of the government’s push for clean energy, with offshore wind considered favorable due to its minimal impact on land use. Energy Undersecretary Rowena Cristina Guevarra highlighted its advantages over solar farms, which require large areas of land.
At the inauguration of CIP’s new office in Bonifacio Global City, Danish Ambassador Franz-Michael Skjold Mellbin reaffirmed Denmark’s strong ties with the Philippines. He praised CIP’s role in promoting renewable energy and creating economic opportunities for the country.
