The Philippine Department of Energy and the Copenhagen Infrastructure New Markets Fund (CINMF) have signed three contracts for offshore wind energy development projects with a total installed capacity of 2,000 MW. These projects are expected to provide enough electricity for 1 million homes and offset around 2.9 million tons of carbon dioxide emissions per year. The projects will be located in the provinces of Camarines Norte and Camarines Sur, Northern Samar and Pangasinan, and offshore La Union. The Philippines aims to increase the share of renewable energy sources such as solar, wind and tidal power in its energy mix to 35 percent by 2030 and 50 percent by 2040, equivalent to about one-fifth of its electricity supply by then .