ACEN, the listed energy platform of the Ayala Group, has entered into definitive agreements with Copenhagen Infrastructure Partners’ (CIP) Growth Markets Fund II to acquire a 25% minority stake in CIP’s planned offshore wind project in Camarines Sur, subject to regulatory approvals.
The partnership marks a major milestone in the development of one of the Philippines’ first utility-scale offshore wind farms, with a potential capacity of up to 1 gigawatt (GW).
The project, located off the coast of San Miguel Bay, is among the most advanced offshore wind initiatives in the country. Its strategic site boasts strong wind resources, shallow waters, proximity to shore and transmission infrastructure, and a lower risk of typhoons—key advantages that help address technical and operational challenges typically associated with offshore wind development.
Now in its pre-development stage, the project is being prepared for participation in the Department of Energy’s 5th Green Energy Auction (GEA-5) and is subject to relevant regulatory clearances. Once operational, it is expected to play a significant role in bolstering the Luzon power grid and helping meet the country’s increasing energy demands through sustainable sources.
Through this collaboration, CIP, one of the world’s largest renewable energy investment firms, has found a strategic local partner in ACEN. ACEN brings deep experience in renewable energy development and stakeholder engagement in the Philippines, complementing CIP’s global expertise in offshore wind.
Eric Francia, President and CEO of ACEN, said: “Offshore wind is poised to become a key pillar in diversifying the Philippines’ energy mix. We are proud to partner with CIP, a global leader in offshore wind, on this groundbreaking initiative. This partnership underscores ACEN’s long-term commitment to accelerating the country’s transition to renewable energy.”
Robert Helms, Partner at CIP’s Growth Markets Fund II, added: “We are excited to embark on this landmark partnership with ACEN, one of the Philippines’ most experienced renewable energy developers. With CIP’s offshore wind capabilities and ACEN’s strong local track record, we aim to make this project among the first operational offshore wind farms in the country, aligned with the Philippine government’s ambitious offshore wind targets.”
Since securing a Wind Energy Service Contract (WESC) in 2023, the Camarines Sur offshore wind project has achieved several key milestones, including:
- February 2024: Granted Green Lane status by the Philippine Board of Investments (BOI), expediting the permitting process.
- October 2024: Received a Certificate of Energy Project of National Significance (CEPNS), providing priority processing across permitting agencies and local government units.
- October 2024: Obtained a pre-development Environmental Compliance Certificate (ECC), enabling offshore site surveys.
- February 2025: Signed a Connection Agreement with the National Grid Corporation of the Philippines, securing access to grid infrastructure.
This landmark partnership between ACEN and CIP is set to establish a benchmark for offshore wind development in the Philippines and Southeast Asia, helping unlock the region’s vast renewable energy potential.
