Danish Firm Signs USD 5 Billion Deal to Develop Offshore Wind Assets in PH

Energy Secretary Raphael P.M. Lotilla (second from left) together with CINMF’s Przemek Lupa and His Excellency Franz-Michael Mellbin, Danish Ambassador to the Philippines. Photo courtesy of CIP. (Copenhagen PE photo)

COPENHAGEN, 04 April 2023 – Copenhagen Infrastructure New Markets Fund (CINMF) signed three (3) offshore wind service contracts with the Department of Energy to develop offshore wind assets in the Philippines on 30 March 2023. The projects will have a combined 2GW of wind energy capacity across Camarines Norte and Camarines Sur, Northern Samar, Pangasinan, and La Union.

The signing of the agreement has been warmly welcomed by Philippine Ambassador to Denmark Leo Herrera-Lim. He noted that “the deal will generate around USD 5billion in investments and 4,500 green jobs as well as increase the Philippines’ renewable energy capacity.” He conveyed “appreciation for Denmark's keen interest in facilitating the Philippines' transition to clean energy and expanding the scope of cooperation between the two nations. This collaboration marks an important milestone in the pursuit of sustainable development and reinforces the shared commitment of the Philippines and Denmark to the green energy transition.

Once implemented, the projects are expected to generate enough power to supply about one (1) million households, accounting for 4.7% of the current target capacity for offshore wind projects.

CINMF, an affiliate of Danish fund manager Copenhagen Infrastructure Partners (CIP), is the first fully-foreign-owned company to invest in offshore wind developments in the country. END

For more information, visit https://copenhagenpe.dfa.gov.ph/, or https://www.facebook.com/PHinDenmark/.