Latest news with #FengmiaoI
Yahoo
12-05-2025
- Business
- Yahoo
CIP to sell 10% stake in Taiwan's Fengmiao I offshore wind farm to MOL
Copenhagen Infrastructure Partners (CIP), through its fund Copenhagen Infrastructure V (CI V), has reached an agreement to sell a 10% stake in the 495MW Fengmiao I offshore wind farm in Taiwan to Mitsui O.S.K. Lines (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. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Reuters
19-03-2025
- Business
- Reuters
Copenhagen Infrastructure Partners reaches financial close on third offshore wind project in Taiwan
COPENHAGEN, March 19 (Reuters) - Clean energy fund manager Copenhagen Infrastructure Partners said on Wednesday it has reached financial close on its 495 megawatt (MW) Fengmiao I wind project, off the coast of Taichung, Taiwan. "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," CIP said in a statement. Make sense of the latest ESG trends affecting companies and governments with the Reuters Sustainable Switch newsletter. Sign up here. Fengmiao I, CIP's third offshore wind project in Taiwan, will be constructed by international and local suppliers, all with track records in Taiwan, CIP said. Danish wind turbine maker Vestas ( opens new tab, which supplies turbines to CIP's two existing projects, will supply 33 units of its latest 15MW turbine to Fengmiao I, according to CIP. CIP said its fifth flagship fund, CI V, held final close in March and exceeded its target of 12 billion euros ($13.08 billion). The fund aims to invest in the energy transition across a range of technologies, from wind and solar PV 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, CIP added. ($1 = 0.9172 euros)
