Copenhagen Infrastructure Partners (CIP) last week sent out a request for proposals seeking a financial advisor for its 1 GW San Miguel Bay offshore wind project in the Philippines, according to three sources familiar.

The successful financial advisor would have to work with Philippines banks, international banks and export credit agencies to fund the project, one of the sources said.

The company is not yet seeking co-investors, two sources added, although two of the three expected CIP to sell down equity at some stage.

The project is still at a fairly early stage. Copenhagen Offshore Partners, which develops offshore wind projects on CIP’s behalf, is working on the Environmental Impact Assessment (EIA) and Environmental and Social Impact Assessment (ESIA) of the project.

The developer has also put Light Detection and Ranging systems (LIDARS) in place to measure wind speeds.

But if the Philippines government opens bidding for offshore wind next year under its Green Energy Auction Programme it could be the first Philippines offshore wind project to move ahead, one of the sources said.

The Philippine government has demonstrated its support for offshore wind. Last year, President Marcos issued Executive Order 21, designed to streamline the development of offshore wind projects in the Philippines.

It typically takes six to 10 years to develop an offshore wind farm, according to CIP. For example, CIP has been working on its Star of the South project off the coast of state of Victoria in Australia since 2019. It is still studying the project’s feasibility and working on an EIA.

Nevertheless, CIP has said that it plans to commission its first Philippine offshore wind before 2028.

San Miguel Bay should also be helped by the fact that the project is due to be built in shallow waters close to the shore, one of the sources said.

The project is also pretty close to Manila, which should make grid connection less of an issue, he added.

In February, the Philippines’ Board of Investments awarded a green lane certification to the Copenhagen Infrastructure New Market Fund Philippines Corporation for the three offshore wind projects it is developing, including San Miguel Bay.

In March 2023, the developer was awarded three Wind Energy Service Contracts for its offshore wind projects, another regulatory requirement before the projects can be built.

A CIP spokesperson declined comment.