ACEN Corp. has approved additional funding for its local exploration project and for the planned Camarines offshore wind project being developed with Copenhagen Infrastructure Partners (CIP).
In a disclosure to the Philippine Stock Exchange, ACEN said it has increased its “Philippine revolving development fund” and granted extra funding for the Camarines project. The revolving fund is used to explore potential projects before making a final investment decision.
The Camarines Sur offshore wind project, seen as among the country’s most advanced offshore wind initiatives, could generate up to 1,000 megawatts (MW) of clean power. Valued at around US$3 billion, the project takes advantage of strong wind resources, shallow waters, and its proximity to the shore and existing substations. It is currently in the pre-development stage and aims to participate in the Department of Energy’s upcoming Green Energy Auction.
CIP, ACEN’s partner, is a global renewable energy investor based in Denmark with operations across several countries, including the Philippines.
ACEN targets to expand its renewable energy capacity to 20,000 MW by 2030 and reach net zero greenhouse gas emissions by 2050. The company has allocated up to ₱70 billion in capital expenditures for 2025 and expects to complete 1,200 MW of new renewable capacity by the end of next year from projects in the Philippines, Laos, and India.
