ACEN gets 25% stake in CIP’s offshore wind project in Camarines Sur 

ACEN Corp, the listed energy company of the Ayala Group, said Thursday it signed definitive agreements with Copenhagen Infrastructure Partners’ (CIP) Growth Markets Fund II to acquire a 25-percent minority stake in the latter’s proposed offshore wind project in Camarines Sur province, subject to regulatory approvals, according to a report by Manila Standard.

ACEN said in a statement the project, with a potential installed capacity of up to 1 gigawatt (GW), is set to become one of the Philippines’ first offshore wind projects. This milestone, it said, underscores the company’s commitment to unlocking the country’s untapped offshore wind resource to accelerate its 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 collaborating on this trailblazing initiative,” said ACE president and chief executive Eric Francia.

The project, seen as among the most advanced offshore wind initiatives in the Philippines, is located near the coast of San Miguel Bay in Camarines Sur. It leverages 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 in its pre-development stage in anticipation of the Department of Energy’s fifth round of the Green Energy Auction (GEA-5) and will be subject to relevant regulatory approvals. It will play a crucial role in strengthening the Luzon grid and meeting the Philippines’ rising energy demand with sustainable power.