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DOE partners with CINMF for offshore wind projects

4C Offshore | Chloe Emanuel
By: Chloe Emanuel 30/03/2023 doe.gov

The Department of Energy (DOE) signed three offshore wind service contracts with Copenhagen Infrastructure New Markets Fund (CINMF), a foreign-owned company affiliated with Danish fund manager Copenhagen Infrastructure Partners (CIP). This move supports President Ferdinand Marcos Jr.'s goal of developing renewable energy sources and was made possible by the lifting of foreign ownership restrictions.

The three offshore wind projects with a total capacity of 2,000 MW will be developed in offshore Camarines Norte and Camarines Sur, offshore of Northern Samar, and offshore of Pangasinan and La Union under 25-year operating contracts. Energy Secretary Raphael P.M. Lotilla and Danish Ambassador to the Philippines Franz-Michael Melbin witnessed the signing.

Secretary Lotilla commented: ‚ÄúThese agreements represent an additional strategic investment and a firm commitment to strengthen the renewable energy sector in the country, particularly the development of OSW. They provide a significant contribution towards a low carbon future as well as encourage the development of the local supply chain."  

The DOE has awarded 57 offshore wind service contracts with a total potential capacity of about 42,000 MW, aiming to increase the share of renewable energy in the power generation mix to 35% by 2030 and 50% by 2040. The three projects will aim to create approximately 4,500 jobs and roughly generate enough power to supply one million households, while offsetting around 2.9 million tons of CO2 emissions annually.

For more information on offshore wind farms worldwide, click here.


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