ACEN acquires 25 per cent stake in offshore wind project off Camarines Sur, Philippines

ACEN, the listed energy company of Philippine conglomerate the Ayala Group, has entered into definitive agreements with Copenhagen Infrastructure Partners’ growth markets fund II to acquire a 25 per cent minority stake in the latter’s proposed offshore wind project in the Philippines' Camarines Sur province, subject to applicable regulatory approvals.

The partners expect that the offshore wind project would become one of the first such projects in the Philippines to have a potential installed capacity of up to one GW.

The project will be located near the coast of San Miguel Bay in Camarines Sur on the main island of Luzon.

The project is currently in its pre-development stage in anticipation of the Philippine Department of Energy’s fifth round of an ongoing green energy auction and will be subject to relevant regulatory approvals.

ACEN said the project, "will play a crucial role in strengthening the Luzon grid and meeting the Philippines’ rising energy demand with sustainable power."