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, located off the coast of Taichung, Taiwan.
Fengmiao I is CIP’s third offshore wind project in Taiwan, following the construction of Changfang & 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 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.
Fengmiao I has secured approximately NTD$103 billion (US$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 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.
“Financial close on Fengmiao I marks a major milestone for CIP and is the culmination of years of hard work. It is the first offshore 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,” commented Thomas Wibe Poulsen, Partner and Head of Asia-Pacific at CIP.
CIP has been involved throughout the project’s development and will remain involved in the construction phase.
CIP’s fifth fund, CI V, held final close in March 2025 and exceeded the target of €12 billion. The fund aims to invest in the energy transition across a range of technologies, from wind and solar photovoltaics to battery storage, across low-risk OECD countries in Europe, North America, and Asia Pacific. CI V has so far made six final investment decisions committing 60% of the fund, ensuring fast deployment of capital and significant value creation early in the fund lifetime.
BNP Paribas and CTBC Bank acted as joint Financial Advisors for the project financing. White & Case and Baker McKenzie acted as Fengmiao I’s Legal Advisors on the financing and Accura acted as Legal Advisor on the supply contracts. Orrick and Lee & Li acted as Legal Advisors to the ECAs and project finance banks.
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