CIP to sell 10% stake in Taiwan's Fengmiao I offshore wind farm to MOL
The Fengmiao I offshore wind project, situated off the coast of Taichung County, achieved financial close in March 2025. The construction of the project is under way, with an anticipated completion date by the end of 2027.
The project is financed through a mix of equity and senior loans supported by international and Taiwanese banks, export credit agencies and Taiwan's National Credit Guarantee Administration.
Initiated in 2020, Fengmiao I is CIP's third offshore wind venture in Taiwan. The project secured site exclusivity and grid allocation in Taiwan's Round 3.1 auction in December 2022.
Upon completion, Fengmiao I will provide clean energy to six major local and international energy consumers in Taiwan, which have committed to long-term power purchase agreements for the wind farm's full capacity.
CIP partner and head of Asia-Pacific Thomas Wibe Poulsen said: 'We are delighted to welcome MOL as co-investor in Fengmiao – and I am confident that we together will bring a project of the highest standards to commercial operation. The transaction recognises the value created by CIP during the development phase as well as CIP's strong offshore wind track record in Taiwan.'
MOL, a Japanese shipping giant operating around 900 vessels globally, has joined as a co-owner alongside CIP's fifth flagship fund, CI V.
The fund focuses on investments in the energy transition, including wind, solar PV, and battery storage in low-risk OECD countries across Europe, North America, and Asia Pacific.
CI V has already committed 60% of its capital to six final investment decisions (FIDs), demonstrating swift capital deployment and early value creation within the fund's lifespan.
The transaction is currently pending customary closing conditions, including filing for Foreign Investment Approval and filings with the Ministry of Economic Affairs in Taiwan.
Post-transaction, CI V will maintain its position as the controlling shareholder and operator of Fengmiao I. BNP Paribas served as the financial advisor, while White & Case provided legal counsel to CIP for this transaction.
"CIP to sell 10% stake in Taiwan's Fengmiao I offshore wind farm to MOL" was originally created and published by Power Technology, a GlobalData owned brand.
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