The Department of Energy (DOE) has signed 25-year offshore wind (OSW) service contracts (SCs) with Copenhagen Infrastructure New Markets Fund (CINMF), marking the first 100 percent foreign-owned company investment in offshore wind development after ownership restrictions on renewable energy development were lifted.
The three projects, to be developed in offshore Camarines Norte and Camarines Sur, offshore of Northern Samar, and offshore of Pangasinan and La Union, have a combined capacity of 2,000 megawatts (MW).
These agreements represent a significant investment and commitment to strengthen the renewable energy sector in the country and provide a
significant contribution towards a low carbon future.
The DOE aims to bring the renewable energy share in the power generation mix to 35 percent by 2030 and 50 percent by 2040 from the current 22 percent.
The three projects are expected to generate enough power to supply about one million households and offset about 2.9 million tons of CO2 emissions per year
while creating around 4,500 jobs during the development and operations period.
Niels Holst, head of CINMF, expressed confidence in the investment opportunity, saying the Philippines holds great potential for low-cost power delivery from high-quality renewable energy projects.
