The Philippines continues to attract foreign investors interested to develop the country’s offshore wind (OSW) resources following the removal of foreign ownership restrictions on renewable energy (RE). The latest foreign firm awarded a service contract is a 100 percent owned one called the Copenhagen Infrastructure New Markets Fund (CINMF), affiliated with the Danish Fund Manager Copenhagen Infrastructure Partners (CIP) – a global leader in OSWQ.
Per the Department of Energy (DOE) bulletin, there are already 3 projects have a combined capacity of 2,000 megawatts (MW) located in the provinces of Camarines Norte and Camarines Sur, offshore of Northern Samar, and offshore of Pangasinan and La Union. Accordingly, each project has signed for a 25-year operating period.
The terms of the service contracts states that “these agreements represent an additional strategic investment and a firm commitment to strengthen the renewable energy sector in the country, particularly the development of OSW,” per DOE management.
Some of the advantages foreseen by DOE, after approving the service contracts with the 3 CINMF funded projects once operational are the following:
– development of local supply demand chain;
– creation of about 4,500 jobs during the development and operations;
– generate enough power to
– supply about 1 million households; and,
– offset about 2.9 million tons in CO2 emissions annually.
MY COMMENT:
We in science and technology are elated to find S/T in action such as tapping the OSW resources in the Philippines. These bountiful resources have attracted foreign investors in R, latest being few 100 percent foreign-owned like the CINMF. Personally elated for the inclusion of the Northern Samar Offshore in the initial 3 CINMF funded OSW projects.
ooo000ooo
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