COPENHAGEN Infrastructure Partners (CIP) on Tuesday confirmed its San Miguel Bay offshore wind project in Camarines Sur was on track for completion.
In a media roundtable interview, CIP associate partner and Southeast Asia growth market fund head Przemek Lupa said the 1 gigawatt (GW) project worth P170 billion will be finished by 2028.
“That’s correct… Our goal really is to commission the power plant within the term of this administration in 2028,” Lupa disclosed.
The project is part of CIP’s $5 billion commitment to develop 2-GW offshore wind structures in the country. Two similar projects in Samar and Pangasinan are on track as well, said Lupa.
“Our intention until about the middle of next year is to spend roughly $30 million on our projects. And a good part of that has been contractually committed,” CIP growth market fund partner Robert Helms said.
The CIP officials added the company is here to stay, having opened an office in the country and is looking at other possible renewable energy projects while looking forward to next year’s Green Energy Auction, which will showcase offshore wind.
“The office has been open for some time, but what we’re celebrating today is our commitment to the country. And wherever CIP goes, wherever CIP starts business in a country, it’s for the long term,” Lupa said.
“We’ve been interested in investing in the Philippines for quite a few years, and it is now a key market for us because of the strong fundamentals and the high growth. But then, importantly also, the Philippines is a liberalized market, which, in this region, is a very, very unique feature. But perhaps the most important [thing] that we see here is that renewables and the energy transition get tremendous support from the government,” he added.
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