Taiwan Life Insurance Joins CIP in Taiwan Offshore Wind Development

Taiwan Life Insurance, a subsidiary of China Trust Financial Holding, has signed a Memorandum of Understanding (MoU) with Copenhagen Infrastructure Partners (CIP) to jointly invest in and finance offshore wind projects in Taiwan.

With the agreement, Taiwan Life Insurance will be able to indirectly participate in the development of Taiwan’s offshore wind in the future, take practical actions to promote environmental sustainability, as well as obtain financial results, the company said.

In May last year, CIP acquired three offshore wind sites under development off the Changhua coast in Taiwan with a combined capacity of 1,500MW.

A few months later, the Changhua County government and the Danish fund management company signed a MoU to jointly promote and develop offshore wind in Taiwan’s most populous county. The agreement ensures that CIP assists the county in developing and establishing a local offshore wind industry chain which will be tasked with building and maintaining its three projects.

The government in Taiwan has set a target of 5.5GW of offshore wind to be constructed by 2025, and is expected to sign the contracts with the selected developers by the end of June 2018.