Danish Firm Opens Philippine Office, Eyes Further Renewable Investments

Renewable energy investor Copenhagen Infrastructure Partners (CIP) has opened an office in Manila, Philippines, as it aims to help the country develop its vast renewable sources.

The Danish firm inaugurated its new office in Bonifacio Global City, Taguig City, which is a milestone in its “commitment to the Philippines’ goal of energy security and a low-carbon future,” CIP said in a statement.

"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,” Przemek Lupa, CIP’s Associate Partner in charge of Southeast Asia for the Growth Markets Fund, said. “We were granted Wind Energy Service Contracts for a 2 GW portfolio of offshore wind projects and 300 MW [megawatts] of onshore wind. We are proud of the progress we have made so far on these projects. Through this event, we wish to reaffirm our commitment to the country and express our strong intent to develop further projects in the Philippines' power sector”.

In a bid to bring in foreign investments in the renewable energy sector and meet its long-term climate targets, the Philippine Department of Energy in November issued a circular that amended the Renewable Energy Act of 2008 to remove stipulations that required Filipino ownership of certain renewable energy resources. With the change, foreign investors can now hold 100 percent equity in the exploration, development, and utilization of solar, wind, hydro, and ocean energy resources.

CIP is currently developing three offshore wind projects in the country. The company’s 350-MW offshore wind project in Dagupan, which aims to use the region's strong transmission grid towards Manila and support the gradual replacement of the 1.4 gigawatts of regional coal- and oil-based plants.

CIP’s 650-MW offshore wind project in Samar Norte is near a high-voltage DC transmission line that feeds the major cities of Manila and Cebu. Another offshore project in San Miguel Bay has a capacity potential of 1,000 MW.

The company is also developing an onshore wind project in the province of Nueva Ecija and is actively looking for new onshore solar and wind projects.

"We are honored to celebrate this significant occasion with our stakeholders who have been supporting us throughout our journey," Lupa remarked.

Robert Helms, CIP Partner and Offshore Wind Lead for the Growth Markets Fund, said, "The Growth Market Funds focus on investments in large-scale and complex greenfield renewable energy infrastructure projects in high-growth, middle-income markets. Our funds target markets across Asia, Latin America, and EMEA with strong fundamentals for renewable energy investments. These include high economic and demographic growth and an expanding middle class, leading to an accelerating demand for electricity”.

“The Philippines stands out as a prime candidate for these investments, and our new office in Manila is a testament to our long-term commitment to the region,” Helms added.

CIP said its Manila office “will act as a strategic hub for the company's operations in the Philippines and will play a crucial role in spearheading the advancement of renewable energy development and fostering partnerships”.

Copenhagen Infrastructure Partners describes itself as a leading global investor and developer of renewable energy infrastructure. Focusing on offshore and onshore wind, solar, and other clean energy solutions, CIP said it is committed to advancing the global transition to sustainable energy through innovative projects and strategic investments.

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