ACEN acquires shares in 1-GW offshore wind project

AYALA-LED ACEN Corp. said on Tuesday that it is acquiring P2.95 million worth of shares in the holding company behind a planned 1-gigawatt (GW) offshore wind project in Camarines Sur and Camarines Norte.

In a regulatory filing, ACEN said it had executed a deed of absolute sale with Danish firm CI NMF Philippines C.V. for the acquisition of 29,500 common shares, priced at P100 each, in CI GMF II Camarines Offshore Wind Energy Corp.

CI GMF II Camarines Offshore Wind Energy Corp. will serve as the holding company of CI NMF (PH) Corp., which will develop, construct, operate, and maintain the planned offshore wind energy project.

The execution of the deed of absolute sale follows the share purchase and loan agreement signed by ACEN with CI NMF Philippines C.V. and CI GMF II Coöperatief U.A. in May for the development of the project.

“The transaction forms part of the Company’s strategic initiative to advance the development of Philippines’ first large-scale offshore wind project, with a potential installed capacity of up to 1 GW,” ACEN said.

“It underscores the Company’s commitment to unlocking the country’s vast offshore wind resources and accelerating the energy transition through the expansion of clean energy sources,” it added.

Copenhagen Infrastructure Partners, through its local affiliate Copenhagen Infrastructure New Markets Fund Philippines Corp., was the first 100%-foreign-owned entity awarded wind energy service contracts by the Department of Energy (DoE) in 2023.

The $3-billion San Miguel Bay Offshore Wind Power Project is part of CIP’s Philippine portfolio, which also includes a 650-megawatt (MW) project in Northern Samar and a 350-MW project in Dagupan, Pangasinan. — Sheldeen Joy Talavera