Danish fund manager and renewables investor Copenhagen Infrastructure Partners (CIP) has announced that it would commit $3bn to develop its first offshore wind project in the Philippines.

The offshore wind project will be located in Camarines Sur and carried out in partnership with ACEN Renewable Energy Solutions, part of Ayala Group’s energy arm.

The government’s press officer, Claire Castro, stated that the venture showed a sustained interest from foreign companies.

“[CIP] emphasised that they chose to invest in the Philippines because of its favourable location and the desire of president Ferdinand Marcos Jr. to shift to renewable energy,” Castro added.

Under the Marcos administration’s plan, the government wants to scale up the renewable electricity share in the power mix to 35% by 2030, and to 50% by 2040.

CIP, which operates one of the world’s largest renewable energy investment platforms, with more than €28bn ($32.2bn) in assets under management, is the first 100% foreign-owned company to invest in offshore wind development, following the lifting of foreign ownership restrictions on renewable energy development in 2022.

In 2023, CIP received 25-year service contracts for the three offshore wind projects. Camarines Norte and Camarines Sur have a total capacity of 1GW, Northern Samar has 650MW of capacity, while the Dagupan project will have 350MW of capacity.