Copenhagen Infrastructure Partners (CIP) is moving forward with the 901 MW San Miguel Bay Offshore Wind Power Project in Camarines Sur, following discussions with the Philippine Department of Finance (DOF) on project development, financing and upcoming milestones.
According to the DOF, Finance Secretary Frederick Go met with representatives of the Danish investment firm to discuss progress on the approximately USD 3 billion project, which is expected to become the Philippines’ first offshore wind farm. CIP is developing the project in partnership with ACEN, which acquired a 25% stake in the development in 2025.
The project forms part of the Philippines’ broader effort to expand renewable energy generation and increase the share of renewables in the country’s power mix to 35% by 2030 and 50% by 2040.
CIP also plans to participate in the fifth Green Energy Auction organized by the Philippine Department of Energy. The auction seeks investors for 3,300 MW of renewable energy capacity scheduled for delivery between 2028 and 2030, with bidding set for August 28.
The company said that, if successful in the auction process, it aims to reach a final investment decision and secure project financing shortly afterward. Construction is expected to take approximately two years, with completion targeted within the 2028–2030 delivery period.
CIP stated that it continues to evaluate additional renewable energy opportunities in the Philippines and has previously indicated that it may bring further investors into the San Miguel Bay project.
The offshore wind development received a Wind Energy Service Contract in 2023. It was granted Green Lane status by the Philippine Board of Investments in February 2024, followed by a Certificate of Energy Project of National Significance and a pre-development Environmental Compliance Certificate in October 2024.
