ACEN Corp., the listed energy arm of the Ayala Group, has forayed into the offshore wind sector through a 25 percent stake in a 1,000-megawatt (MW) project in Camarines Sur.

The company announced on Thursday that it has signed definitive agreements with Copenhagen Infrastructure Partners (CIP) Growth Markets Fund II for the acquisition, subject to regulatory approval. The P170-billion project is among the country’s most advanced offshore wind initiatives.

"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," ACEN President and CEO Eric Francia said.

Located near San Miguel Bay, the project benefits from strong wind resources, shallow waters, and proximity to shore and grid connection points. Its in-bay site also presents a lower typhoon risk.

The project is in pre-development ahead of the Department of Energy’s fifth Green Energy Auction and is expected to support the Luzon grid and rising power demand.

“We are delighted to enter into this landmark partnership with ACEN, one of the most experienced renewable energy developers in the Philippines,” said Robert Helms, partner at CIP’s Growth Markets Fund II. 

He noted that ACEN’s track record will support the project's development and expected entry into the first offshore wind auction.

Since securing a Wind Energy Service Contract in 2023, the project has obtained Green Lane status from the Board of Investments, a Certificate of Energy Project of National Significance, a pre-development Environmental Compliance Certificate, and a grid Connection Agreement with the National Grid Corp. of the Philippines.

In March 2023, CIP became the first foreign firm to invest in the local offshore wind industry after signing $5 billion in DOE contracts for three 2,000-MW projects.

The deals could power one million homes and cut 2.9 million tonnes of carbon emissions annually.