The Philippines’ Department of Finance (DOF) has held discussions with Copenhagen Infrastructure Partners (CIP) on advancing the 901 MW San Miguel Bay offshore wind project in Camarines Sur. The project, which is being developed through a joint venture between CIP and ACEN Corporation, is expected to become the first offshore wind farm in both the Philippines and Southeast Asia. The meeting focused on project progress, financing arrangements and preparations for the country’s upcoming offshore wind auction.
The San Miguel Bay project represents an estimated investment of US$3 billion. During the meeting, Finance Secretary Frederick D. Go and CIP representatives reviewed key development milestones ahead of the Fifth Green Energy Auction (GEA-5), the Philippines’ first offshore wind auction. The auction will offer 3.3 GW of offshore wind capacity for delivery between 2028 and 2030, with bidder pre-qualification underway and the competitive bidding process scheduled to begin in July 2026.
The project is expected to play a significant role in the Philippines’ offshore wind sector and support the country’s renewable energy targets. According to provincial authorities, construction is targeted to begin in 2026, with commercial operations expected by the third quarter of 2028. The development is also expected to strengthen regional clean energy infrastructure and position the Philippines as Southeast Asia’s first offshore wind market.