ACEN Partners with CIP to Develop the Philippines’ First Large-Scale Offshore Wind Project

In photo (from L-R): Eric Francia, President & CEO, ACEN; Patrice Clausse, Group Chief Investment Officer, ACEN; Rune Damgaard, CEO for Offshore Wind, Philippines, CIP; Robert Helms, Partner, Growth Market Funds – Investment Team, CIP

ACEN, the listed energy company of the Ayala group, signed definitive agreements with Copenhagen Infrastructure Partners’ (CIP) Growth Markets Fund II to acquire a 25% minority stake in the latter’s proposed offshore wind project in Camarines Sur subject to applicable regulatory approvals. With the project set to become one of the Philippines’ first offshore wind projects with a potential installed capacity of up to 1 GW, this milestone underscores ACEN’s commitment to unlocking the country’s untapped offshore wind resource to accelerate the country’s energy transition.

Positioned as among the most advanced offshore wind initiatives in the country, the project, located near the coast of San Miguel Bay in Camarines Sur, 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 currently in its pre-development stage in anticipation of the Department of Energy’s 5th 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.

Through its Growth Markets Fund II, CIP, one of the largest dedicated renewable energy asset managers in the world, has sought a local partner with deep expertise in stakeholder management to advance the project. ACEN, with its strong credentials in renewable energy, brings the necessary experience to complement CIP’s technological expertise. The collaboration between the two companies is poised to establish a benchmark for offshore wind in the region and unlock further potential for large-scale clean energy projects.

Eric Francia, President and CEO at ACEN, said: “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 collaborate on this trailblazing  initiative.”

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 successful development of the Camarines Sur offshore wind project, including anticipated participation in the upcoming first offshore wind auction. We are also working towards the ambition of making this one of the first operational offshore wind projects in the Philippines in line with the offshore wind targets set by the current Philippine administration.”

Since obtaining a Wind Energy Service Contract (WESC) in 2023, the project has achieved several significant development milestones. In February 2024, the Camarines Sur offshore wind project was granted Green Lane status by the Philippine Board of Investments (BOI) to help expedite the processing of necessary licenses and permits, underscoring the government’s commitment to attracting and accelerating renewable energy investments.

In October 2024, the project received a Certificate of Energy Project of National Significance (CEPNS) granting it priority processing and expedited approvals from permitting agencies, government agencies, local government units, and other relevant authorities. Additionally, in October 2024, it received pre-development Environmental Compliance Certificate (ECC), enabling commencement of offshore site surveying. In February 2025, the project signed a Connection Agreement with the National Grid Corporation of the Philippines securing access to grid connection.