MANILA, Philippines — Pushing the country closer to its ambitious clean energy milestones, the national government has secured a solid corporate commitment to accelerate a massive multi-billion-peso marine power initiative. The Department of Finance (DOF) confirmed that Denmark-based Copenhagen Infrastructure Partners (CIP) is moving full-steam ahead with the development of the country’s first-ever offshore wind farm.
The announcement followed a high-level coordination meeting between Finance Secretary Frederick Go and CIP executives to map out project timelines, regulatory clearances, and structural financing frameworks.
The San Miguel Bay Offshore Wind Power Project, located off the coast of Camarines Sur, stands as a flagship development within the country’s green energy pipeline. Valued at a staggering $3 billion (approx. ₱175.7 billion), the venture is engineered to bring unprecedented generation scale to the Luzon grid:
[ SAN MIGUEL BAY OFFSHORE WIND SPECIFICATIONS ]
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[ REVOLUTIONARY POWER PROFILE ] [ CORPORATE EQUITY SPLIT ]
• **901-Megawatt Planned Capacity:** Once online, the massive wind • **ACEN Joint Partnership:** CIP is spearheading the development
farm will stand as the single largest marine wind infrastructure • alongside Ayala-led energy powerhouse **ACEN Corp.**
asset in Southeast Asia. • **Minority Equity Pool:** ACEN successfully expanded its green
• **Macro Target Alignment:** The project provides critical volume • portfolio by acquiring a **25 percent minority stake** in the
to help hit national clean energy targets: expanding renewable • offshore venture last year.
sources to **35% of the mix by 2030** and **50% by 2040**. • **Open Capital Framework:** CIP confirmed it remains entirely open
• to onboarding additional local or global co-investors.
To secure long-term power supply contracts and solidify final investment pathways, CIP is aligning its development schedule with state regulatory bidding cycles:
[ DEVELOPMENT TIMELINE & REGULATORY BARRIERS ]
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[ GEA-5 Auction ] ──► CIP has formally committed to entering the project into the Department of Energy’s (DOE)
Fifth Green Energy Auction (GEA-5), scheduled for **August 28, 2026**.
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[ 3,300-MW Pool ] ──► This specific regulatory round seeks to lock in a combined 3,300 MW of non-conventional
renewable capacity for localized grid consumption.
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[ 2-Year Build Window ]──► If successful in the August auction, CIP will trigger financial investment decisions.
Construction will span roughly two years, aiming for completion between **2028 and 2030**.
While the commercial auction remains ongoing, the project’s foundational infrastructure is backed by highly advanced public clearances. The Camarines Sur development originally secured its Wind Energy Service Contract back in 2023. It was quickly granted fast-track Green Lane status by the Board of Investments (BOI) in February 2024, followed by a Certificate of Energy Project of National Significance and a vital pre-development Environmental Compliance Certificate (ECC) in October 2024.
Finance Secretary Go emphasized that pulling in premium global developers like CIP is critical to strengthening the country’s long-term energy security, especially as multinational companies refuse to expand operations into countries lacking clean energy options. By pairing advanced global engineering with localized public support, the $3-billion wind project is projected to generate thousands of specialized marine construction and engineering jobs, turning the Bicol Region into the foundational center for Southeast Asian renewable technology.
