CIP opens doors to additional investors for Camarines Sur offshore wind project
Danish firm Copenhagen Infrastructure Partners (CIP) is open to welcoming additional investors for its planned Camarines Sur offshore wind project, even after selling 25 percent of its stake to ACEN Corp.
“I never exclude selling more shares … so for sure we will retain control and at least 50 percent until the project is fully completed,” Rune Daamgard, CEO of Copenhagen Offshore Philippines, told reporters when asked about the possibility of bringing in more partners.
The group earlier disclosed its plan to spend about $3 billion to build its 1-gigawatt San Miguel Bay offshore wind development in the Bicol region.
In May last year, ACEN said it had acquired a minority stake in the proposed project. The Ayala-backed company has been a major renewable energy producer in the Philippines. Aside from its operations here, ACEN has also renewable assets in Australia, Vietnam, Lao PDR, India and Indonesia.
Daamgard said sealing the deal with ACEN was not about divesting its interest in the project.
“The objective was to bring in an experienced partner because we may have the experience in doing OSW (offshore wind) around the world, but they have the experience in operating in the Philippines. Therefore, the combined efforts of the two, we saw a success recipe,” he said.
The executive said CIP was just waiting for the government’s official green energy auction round focused on offshore wind facilities.
Currently, Daamgard said the firm was progressing well in terms of procurement and technical studies.
