The Department of Energy (DOE) on Thursday signed three offshore wind (OSW) service contracts with the Danish firm Copenhagen Infrastructure New Markets Fund (CINMF), the first 100 percent foreign-owned company to invest in such technology in the Philippines.
The DOE said the contracts have a combined capacity of 2,000 megawatts (MW) to be developed in offshore Camarines Norte and Camarines Sur, Northern Samar, Pangasinan and La Union. Each project has a 25-year operating lifespan.
“These 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,” Energy Secretary Raphael Lotilla said in a statement.
Once implemented, the projects will create 4,500 jobs during the development and operations period, generate enough power to supply some 1 million households and offset about 2.9 million tons in carbon emissions per year.
A total 57 OSW service contracts with potential capacity of 42,000 MW will eventually be developed.
The DOE targets to boost the renewable energy share in the power generation mix to 35 percent by 2030 and 50 percent by 2040 from the existing 22 percent.
CINMF is an affiliate of Danish fund manager Copenhagen Infrastructure Partners.
The Philippines and the Danish government have a long-standing cooperation in the development of wind power. The 25 MW Bangui Bay project developed in 2004 by Northwind Power Development Corp. in Bangui, Ilocos Norte, was partly funded by the Danish government through the Danish International Development Assistance.
