Copenhagen Infrastructure Partners (CIP), through its fund Copenhagen Infrastructure V (CI V), has reached financial close on the 495 MW Fengmiao 1 offshore wind project in Taiwan, which will feature Vestas 15 MW turbines.
Fengmiao 1 has secured approximately TWD 103 billion (about USD 3.1 billion) in 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, said CIP.
BNP Paribas and CTBC Bank acted as joint financial advisors for the project financing. White & Case and Baker McKenzie acted as Fengmiao I’s financing advisors, and Accura acted as Fengmiao I’s legal advisor on the supply contracts. Orrick and Lee & Li were legal advisors to the ECAs and project finance banks.
“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.
Fengmiao 1 is CIP’s third offshore wind project in Taiwan, following the successful construction of the Changfang & Xidao and Zhongneng .
CIP was awarded capacity for the 500 MW Fengmiao 1 in the first round of Taiwan’s Round 3 Zonal Development Offshore Wind Auction in 2022. According to the developer, the wind farm is the first of Taiwan’s Round 3 projects to reach financial close and the first to start construction.
Fengmiao 1 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 1 .
The construction of the offshore wind farm is scheduled to be completed by the end of 2027. Copenhagen Offshore Partners will continue its involvement throughout the construction phase.
A group of six local and international corporations has entered into long-term power purchase agreements with Fengmiao 1 for its entire capacity, with the most recent being MediaTek, a Taiwanese semiconductor company.
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