Denmark-based Copenhagen Infrastructure Partners (CIP) will invest PHP108bn ($1.92bn) in a 650MW offshore wind power farm in the Northern Samar province, the Philippines.
The project was confirmed in a Northern Samar provincial government meeting between the Board of Investments assistance service director Ernesto de los Reyes and the Governor of Northern Samar Edwin Ongchuan.
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By GlobalDataThe local authorities laid the groundwork for future works on 10 January when they issued a green lane certificate – a government-wide strategy meant to prioritise strategic investments by streamlining and automating certain business processes.
The new wind farm will be located off the coast of six towns in the province: Bobon, Catarman, Mondragon, San Roque, Pambujan and Laoang. In addition, the project received endorsement from nationwide agencies, including the Department of Energy.
According to John Allen Berbon, chief of the local investment promotion agency in the region, construction is set to begin in the first quarter of 2024 and will continue up until the end of 2025.
“These investigations will involve utilising equipment to measure wind speeds, seabed conditions, and environmental factors, Berbon said today (26 January).
For CIP, the latest round of investment in southeast Asia came after, in November 2023, the company partnered with Bangladeshi’s Summit Group to develop a 500MW offshore wind farm near Cox’s Bazar, a city in the southeast part of the country.
The wind farm will cost $1.3bn and will be linked to the country’s national grid via an onshore substation.
Despite the expansion of renewables in the region, fossil fuels will continue to vastly account for energy consumption. In 2020, southeast Asia imported around 2,600 barrels of oil per day, or 40% of total oil imports to the region, according to the International Energy Agency (IEA).
However, IEA experts claim that green energy financing will continue to rise in the following decade.
“Southeast Asia’s energy transition depends primarily on the rollout of renewables, improvements in efficiency and the electrification of end uses,” the report reads.
