The Danish firm, Copenhagen Infrastructure New Markets Fund (CINMF), will invest $5 billion for three greenfield offshore wind farm projects in the Philippines.
According to the Manila Bulletin, the offshore wind ventures will cover the planned 1,000MW project in San Miguel Bay along the stretch of the Camarines Sur and Camarines Norte provinces in the Bicol region; 650MW in Samar; and 350MW in Dagupan, Pangasinan.
Overall, the projects could bring in 2,000 megawatts of additional power capacity in the country by 2028.
Przemek Lupa, associate partner in CINMF, indicated that “our target is to deliver these projects within the tenure of this administration to the extent that we can…we can look at achieving COD (commercial operations date) by 2028, which means starting construction a couple of years earlier, that is the goal.”
Danish Ambassador to the Philippines Franz-Michael Mellbin said that Denmark is “the first country to be part of a fully foreign-owned wind farm in support of the Philippine renewable energy transition,” which would open Filipinos to access to the more reliable, sustainable, and cheaper electricity.