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 achieving the RE targets under the Philippine Energy Plan (PEP) 2023-2050, which seeks to increase the share of RE in the country’s power generation mix to 35 percent by 2030 and 50 percent by 2040 while accelerating the development of indigenous energy resources to enhance energy security. PEP also identifies offshore wind as a key growth area to help expand the country’s RE capacity and diversify its energy mix. CIP, a Denmark-based fund manager specializing in greenfield RE infrastructure, is the world’s largest dedicated manager of greenfield energy investments, according to its website. The firm currently manages 15 funds backed by more than 200 institutional investors and has raised approximately $43 billion to date. The company also has a global pipeline of offshore and onshore wind projects valued at approximately $5.5 billion. The government said CIP’s continued investment in the Philippines reflects growing investor confidence in the country’s RE sector and reinforces its position as an attractive destination for strategic green investments.