ACEN Fuels Nation’s Green Energy Ambitions With Fresh Offshore Wind Funding

Ayala-led ACEN Corp. is stepping up its investment in the country’s offshore wind (OSW) sector, with fresh financing approved for its Camarines OSW project in the Bicol region.

In a disclosure to the Philippine Stock Exchange (PSE) on November 10, the renewable energy firm said the additional development budget covers ongoing pre-construction activities and allocations for next year’s project rollout. The move reflects ACEN’s strategy to strengthen its renewables portfolio amid rising local demand for clean power.

Expanding Capacity For Luzon And The Country 

ACEN’s Camarines offshore wind venture is being developed with Copenhagen Infrastructure Partners’ (CIP) Growth Markets Fund II, which took a 25% stake in the project last May.

Located off San Miguel Bay in Camarines Sur, the site is estimated to deliver up to 1 gigawatt (GW) of generation capacity. This will provide a huge boost to the Department of Energy’s (DOE) long-term goal of achieving its total offshore wind energy target of 3.3 GW, as previously stated by DOE Undersecretary Mylene Capongcol.

The site is poised to be one of the most promising areas in the country for offshore wind development, thanks to its strong wind potential, shallow waters, and proximity to existing grid infrastructure. The location is also considered to have a lower typhoon risk than other coastal areas in Luzon, according to project assessments.

Policy Momentum

The Department of Energy (DOE) has included the Camarines project in its upcoming fifth Green Energy Auction (GEA-5), a competitive selection process specifically designed for offshore wind projects. GEA-5 is targeting about 3,300 megawatts (MW) of installed OSW capacity across the country.

So far, the DOE has awarded 92 service contracts for offshore wind developments, including ACEN’s Camarines venture, as part of its long-term goal to diversify the national energy mix and reduce fossil fuel dependence.

The project also enjoys a suite of regulatory incentives. It was granted green lane status by the Board of Investments (BOI) in February 2024, expediting permits and licenses, and secured both a Certificate of Energy Project of National Significance (CEPNS) and a pre-development Environmental Compliance Certificate (ECC). A connection agreement with the National Grid Corp. of the Philippines (NGCP) is already in place, ensuring grid integration once construction begins.

Laying the Groundwork for Future Investments

ACEN said it is also boosting its Philippine revolving development fund, which finances early-stage renewable projects up to final investment decisions. The fund enables the company’s local development teams to explore viable ventures and prepare solid investment cases, paving the way for more renewable energy infrastructure in the country.

Once completed, the Camarines offshore wind project is expected to reinforce the Luzon grid, helping address increasing power demand while pushing the Philippines closer to its renewable energy targets under the DOE’s Clean Energy Scenario.

Source:

https://mb.com.ph/2025/11/10/acen-boosts-funding-for-camarines-offshore-wind-project

https://business.inquirer.net/527793/acen-buys-25-stake-in-camarines-sur-offshore-wind-project