CIP’s Camarines Sur project, with a potential capacity of 1 gigawatt (GW) that would requiring investments of at least $2 billion, makes ACEN a first mover in the emerging offshore wind sector.
Management’s view
“Offshore wind is poised to play a vital role in diversifying the country’s energy mix,” Eric Francia, ACEN president and CEO, said in a regulatory filing on Wednesday.
“ACEN is pleased to partner with CIP, a global leader in the offshore wind sector. We look forward to collaborate on this trailblazing initiative,” he added.
What’s the project about
Located in San Miguel Bay, the site offers strong wind resources, shallow waters, and lower typhoon risk, making it an ideal location for offshore wind.
It also benefits from proximity to the shore and existing grid infrastructure, which helps reduce project risks and costs.
The deal is still subject to regulatory approvals, including the Department of Energy’s Green Energy Auction 5.
Backed by CIP’s Growth Markets Fund II, the project is expected to play a crucial role in strengthening the Luzon grid and meeting rising energy demand with renewable power.
Investment expert hails ‘powerhouse partnership’
“This is a powerhouse partnership for offshore wind development in the Philippines. CIP is a global leader in the field while ACEN is a homegrown renewable energy champion,” Juan Paolo Colet, managing director at China Bank Capital, told InsiderPH.
Banks ready to fund project
With credible names like ACEN and CIP backing the project, banks are expected support this venture.
“Their combined global and local expertise and resources will be very important in executing one of the most complex renewable energy projects in the country,” Colet said.
“Moreover, having them as project sponsors will certainly help attract a strong syndicate of banks to finance such a landmark undertaking,” he added.
Big picture
ACEN’s push into offshore wind builds on its 7 gigawatts (GW) of renewable capacity across the Philippines, Australia, Vietnam, India, Laos, and Indonesia.
The Camarines Sur project secured a Wind Energy Service Contract in 2023, marking a first step into offshore wind.
Since then, it has achieved key milestones: Green Lane status in February 2024, a Certificate of Energy Project of National Significance and a pre-development Environmental Compliance Certificate in October 2024, and a grid connection agreement in February 2025.
Landmark deal
“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.
“Together with CIP’s offshore wind expertise, we believe that ACEN’s experience and domestic and international track record in project execution and stakeholder management will set a strong foundation for successful development of the Camarines Sur offshore wind project, including anticipated participation in the upcoming first offshore wind auction,” he said.
What’s next?
The collaboration between ACEN and CIP is set to establish a benchmark for offshore wind in the Philippines, opening the door to future large-scale clean energy projects.
For CIP, the partnership with ACEN adds to its global green energy portfolio, which spans 13 funds and €32 billion in projects across more than 30 countries.
“We are also working towards the ambition of making this one of the first operational offshore wind projects in the Philippines in line with the offshore wind targets set by the current Philippine administration,” Helms said. —Miguel R. Camus
