Copenhagen Infrastructure Partners (CIP), through its fund Copenhagen Infrastructure V (CI V), has reached financial close on the 495 MW Fengmiao I offshore wind project off the coast of Taichung in Taiwan.
Fengmiao I project has secured an approximately $3.1 billion project financing from 27 international and Taiwanese banks.
A portion of the project finance debt will be guaranteed by four export credit agencies (ECAs) and Taiwan’s National Credit Guarantee Administration. Fengmiao I is scheduled to complete construction by the end of 2027 and a group of six large local and international corporates have entered into long-term power purchase agreements with Fengmiao I for its entire capacity.
Fengmiao I is CIP’s third offshore wind project in Taiwan, following the successful construction of Changfang and Xidao, and Zhongneng.
In December 2022, Fengmiao I secured site exclusivity and 500 MW grid capacity in Taiwan’s Round 3.1 auction and is the first of Taiwan's Round 3 projects to reach financial close and the first to start construction.
Fengmiao I will be constructed by a group of international and local suppliers, all with track records from previous offshore wind projects in Taiwan. Vestas is the turbine supplier to CIP's two existing projects and will also supply 33 units of its latest 15 MW turbine to Fengmiao I.
“Financial close on Fengmiao I marks a major milestone for CIP and is the culmination of years of hard work and dedication from the project team, suppliers, contractors, banks, ECAs and offtakers. Fengmiao I is the first offshore wind project in Taiwan to be supported by a portfolio of corporate offtakers and will deliver much-needed clean energy to large energy users in Taiwan.
“This sets a new benchmark for Taiwan's rapidly maturing offshore wind market under the government’s Energy Transition 2.0 policy,” said Thomas Wibe Poulsen, Partner and Head of Asia-Pacific at CIP.
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