NextGen Day

Three offshore wind energy projects in the Philippines with a combined capacity of 2,000 megawatts are being developed by the Danish company Copenhagen Infrastructure Partners (CIP) with a $5 billion investment (MW).

In the DOE Office in Taguig City on Thursday, Department of Energy (DOE) Secretary Raphael Lotilla and CIP associate partner Przemek Lupa signed three contracts for offshore wind energy services.

Franz-Michael Mellbin, the ambassador of Denmark to the Philippines, observed the signing.
According to Lupa, 350 MW of the offshore wind project will be in Pangasinan and La Union, 650 MW in Northern Samar, and roughly 1,000 MW would be in Camarines Norte and Camarines Sur.

According to him, the business hopes to complete these offshore wind projects during the presidency of Ferdinand R. Marcos Jr.

4,500 new jobs are anticipated to be created by CIP’s three offshore wind projects.
“Our goals go far beyond these three service contracts for the Philippines. In order to contribute to the nation’s clean and sustainable growth, we are eager to expand both onshore and offshore renewable energy projects, Lupa continued.

Being the first foreign business to fully own and develop a renewable energy (RE) project, Lotilla has welcomed the Danish company’s participation.

The Philippine government will permit 100% foreign ownership in RE projects starting in 2022.
The DOE director stated outside of the ceremony that more foreign energy companies have shown interest in working on projects here under the full ownership business model as the Philippines liberalizes foreign investment in the RE sector.

According to Lupa, this demonstrates the government’s dedication to tackling the nation’s energy, employment, and climate change concerns.

As a foreign enterprise, he stated, “We welcome the relaxation of the infamous 60-40 foreign ownership limitations in renewables as it opens up a lot of chances to create significant numbers of employment, to alleviate the energy problem, and to assist meet the environmental commitment of the Philippines.
In addition to the investments made in building offshore wind energy facilities, he continued, CIP’s efforts in this area will help strengthen the local supply chain.

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