Danish renewable energy investor, Copenhagen Infrastructure Partners (CIP), a first-mover in venturing into local wind energy development, is anticipating its investments in the country to reach as much as $30 million by the middle of next year.
In an interview with reporters, Robert Helms, CIP Partner, and Offshore Wind Lead for the Growth Markets Fund, assured that most of the committed spending has already been secured.
“About mid-next year we expect the GEAP (Green Energy Auction Program) to take place for which we would be spending roughly $30 million or so on development activities. A good part of that has already been sort of contractually committed,” Helms said.
Local offshore wind
In March 2023, CIP affiliate Copenhagen Infrastructure New Markets Fund became the first foreign-owned company to invest in the development of local offshore wind with $5 billion worth of contracts with the Department of Energy (DoE).
The deal covers three projects with a combined capacity of 2,000 megawatts (MW) in Camarines Norte and Camarines Sur, Northern Samar, and Pangasinan and La Union with a 25-year operating period each.
Once implemented, these deals can generate enough power to supply about one million households and offset about 2.9 million tonnes in carbon dioxide emissions yearly.
Likewise, the projects are expected to generate about 4,500 jobs throughout the development and operations period.
Aside from this contract, CIP has secured another 300 MW for onshore wind development in the Ilocos region, which is rich in wind energy potential.
Presently, the company is doing environmental and social impact studies in the covered areas to ensure that the sites align with sustainable standards.
Manila hub opens
On Tuesday, CIP formally opened its Manila office in Taguig City. It will serve as a strategic hub for the company’s local operations, which can initially accommodate up to 60 employees.
Helms said the new hub will allow the company to streamline and accelerate the implementation of its Wind Energy Service Contracts.
For Energy Secretary Raphael Perpetuo Lotilla, CIP’s renewable projects will help push forward the country’s economic growth not just by boosting its indigenous resources but also by creating job opportunities.
“What CIP has been established in the Philippines is beneficial for all the renewable projects. It helps demonstrate to the communities what the future holds in terms of new jobs and economic opportunities,” Lotilla said.
CIP has over 100 gigawatts of green energy projects and has raised approximately EUR 19 billion for energy and associated infrastructure investments from more than 140 international institutional investors.
