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News

9 days ago

CIP REACHES FINANCIAL CLOSE ON ‘FENGMIAO 1’ OFFSHORE WIND PROJECT!

Copenhagen Infrastructure Partners has achieved financial close for the 495MW Fengmao 1 Offshore Wind Farm through their Copenhagen Infrastructure Partners V fund.

Project Financing & Partnerships

Fengmiao 1 has successfully secured NTD$103 billion (US$3.1 billion) in project financing from several international and Taiwanese banks, marking a significant milestone for Taiwan’s offshore wind sector. The financing structure includes a mix of local and global lenders, highlighting strong investor confidence in the project’s viability and Taiwan’s commitment to renewable energy expansion.

A portion of the financing is supported by four export credit agencies (ECAs), which play a crucial role in de-risking the investment by providing loan guarantees and insurance. Additionally, Taiwan’s National Credit Guarantee Administration has extended its backing, reinforcing the financial stability of the project. This multi-layered financing approach ensures long-term bankability while enabling the efficient execution of one of Taiwan’s largest offshore wind developments to date.

Construction & Power Purchase Agreements

The project has already secured its entire output capacity through long-term power purchase agreements (PPAs) with six major local and international corporations, ensuring a stable revenue stream once operational.

Fengmiao 1 represents CIP’s third offshore wind project in Taiwan, following the successful delivery of the Changfang & Xidao and Zhongneng wind farms. With a proven track record in Taiwan’s offshore wind industry, CIP continues to reinforce its leadership in the region, having delivered two previous major projects ahead of schedule and on budget. The successful execution of these earlier projects has established CIP as a trusted partner in Taiwan’s rapidly expanding offshore wind market.

“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.

Financial & Legal Advisory
• BNP Paribas and CTBC Bank acted as joint financial advisors for project financing.
• White & Case and Baker McKenzie advised on financing legal matters, while Accura handled legal aspects of supply contracts.
• Orrick and Lee & Li provided legal counsel for the ECAs and project finance banks.

The Fengmiao 1 offshore wind project is scheduled for completion by the end of 2027, marking a significant addition to Taiwan’s renewable energy capacity.

For further information regarding offshore opportunities in the APAC region, please contact our Taipei office here.

Sources:

ReNews

OffshoreWind.Biz

CIP

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