mr bet Danish firm initially pouring in $30M into PH renewable market
Updated:2024-10-22 12:06 Views:149
Government officials and top officials of CIP participated in the ribbon-cutting ceremony for the opening of CIP’s Manila office in the ORE Building, BGC, Taguig City on September 11, 2024. | PHOTO: Official Facebook page of the Department of Energy
Copenhagen Infrastructure Partners’ (CIP) investment in the local power sector may hit $30 million by the middle of next year, with the initial budget intended to jumpstart big wind farms.
“I think what we certainly have our intention until about mid next year, where we expect the GEAP (green energy auction program) auction to take place, is to spend roughly $30 million or so on development activities,” Robert Helms, CIP Partner and Offshore Wind Lead for the Growth Markets Fund, told reporters during a roundtable discussion on Tuesday night.
Article continues after this advertisementThe official said the bulk of the amount was already “contractually committed.”
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CIP officially opened its office in Taguig on Tuesday, with its officials saying this signaled the group’s commitment to expanding the country’s renewables industry.
Article continues after this advertisement“Since the government allowed 100 percent foreign firms to develop renewable energy projects almost two years ago, CIP is grateful to have been a first mover in this space,” said Przemek Lupa, CIP’s Associate Partner in charge of Southeast Asia for the Growth Markets Fund.
Article continues after this advertisement“We wish to reaffirm our commitment to the country and express our strong intent to develop further projects in the Philippines’ power sector,” Lupa added.
Article continues after this advertisementThe company, known for its infrastructure investments globally, has massive wind projects in the Philippines involving three offshore and one onshore wind developments. In March 2023, CIP received 25-year service contracts for the three offshore projects from the Department of Energy.
The projects have a combined capacity of 2,000 megawatts (MW) to be developed in the following provinces: Camarines Norte and Camarines Sur (1,000 MW), Northern Samar (650 MW), and Dagupan (350 MW).
Article continues after this advertisementIts onshore wind, meanwhile, is expected to have 300 MW capacity.
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According to Lupa, constructing these projects may take “a couple of years” but they would push to make them operational within the term of President Ferdinand Marcos Jr.
Given the group’s expertise in wind power, Lupa said that CIP was helping the government shape its goal of ramping up renewables to include offshore wind projects.
“I think offshore wind is really very much a focus point for us. And if you look around the world, only very few developers and investors can actually deliver offshore wind and we’re definitely one of them,” he said.
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In Julymr bet, Energy Undersecretary Rowena Cristina Guevara said the DOE’s fifth round of the green power auction would involve offshore wind.
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