Finance chief Go pushes first Philippine offshore wind project to boost energy security

Investment czar and Department of Finance (DOF) Secretary Frederick D. Go is advancing the development of what is expected to become the Philippines’ and Southeast Asia’s first offshore wind farm, reinforcing the Marcos administration’s push to attract large-scale renewable energy (RE) investments as well as strengthen long-term energy security. Go, who also serves as President Marcos ’ chief economic manager, recently met with executives of Copenhagen Infrastructure Partners (CIP) to accelerate the development of the 901-megawatt (MW) San Miguel Bay offshore wind power project in Camarines Sur province, according to a statement released by his office on Sunday, June 28. Once completed, the project would be the first offshore wind farm not only in the country but also in the region. Discussions focused on key project milestones, financing arrangements, and preparations for the upcoming Green Energy Auction (GEA), bringing one of the country’s largest RE investments closer to implementation. CIP also presented its financing strategy, including plans to engage government financial institutions (GFIs). “Offshore wind development is critical to strengthening our long-term energy security and advancing our sustainability goals. Today, global companies are actively seeking RE to power their operations and meet sustainability commitments to their own customers—and the Philippines needs to be ready to meet that demand, ” Go said. “ The San Miguel Bay offshore wind power project will help provide cleaner and more reliable energy, create quality jobs, spur local economic growth, and support a more resilient and sustainable future,” the DOF chief added. The project is also expected to generate thousands of direct as well as indirect jobs during construction and operations, stimulate economic activity in Camarines Sur and neighboring provinces, as well as provide a reliable source of clean energy to help meet the country’s growing power demand. Go said the project would contribute to...