The Philippines’ Department of Energy (DOE) had signed three offshore wind service contracts with Copenhagen Infrastructure New Markets Fund (CINMF), the first 100 per cent foreign-owned company to invest in offshore wind development.
The three projects have a combined capacity of 2,000 MW and will be developed in offshore of Camarines Norte and Camarines Sur, offshore of Northern Samar, and offshore of Pangasinan and La Union. There will be a 25-year operating period for the service contracts with CINMF. Once implemented, the three projects are expected to generate enough electricity to power about 1 million households, and offset about 2.9 million tonnes in CO2 emissions per year. Till date, 57 offshore wind service contracts have been awarded by the DOE, with a total potential capacity of about 42,000 MW that will be developed in the coming years. The DOE targets to increase the renewable energy share in the power generation mix to 35 per cent by 2030 and 50 per cent by 2040, from the current 22 per cent.