CIP signs 2GW of Philippines offshore contracts

(RN) CIP, through its New Markets Fund, and the Philippines Government have signed a series of Offshore Wind Service Contracts with aggregate capacity estimated at 2GW. 

The fund signed the 25-year contracts with the Department of Energy, making CIP the first company to venture on a 100% foreign-owned basis into offshore wind development in the country.

Niels Holst, CIP Partner and head of CI NMF I, said: “We believe the Philippines holds great potential for low-cost power delivery from high quality renewable energy projects that in turn deliver local employment and skills.

“And the 2022 removal of foreign ownership restrictions on renewable energy projects in the Philippines was an important event for us and has allowed our New Market Fund to rapidly dedicate significant attention to investments in the country.”

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