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Copenhagen Infrastructure Partners ( CIP ) has achieved financial close on its Fengmiao I offshore wind farm , located off the coast of Taichung , Taiwan. The 495 MW project, which marks the expansion of renewable energy in the region, is the first of Taiwan’s Round 3 projects to achieve this significant milestone.
The development of the Fengmiao I offshore wind farm
Fengmiao I is CIP’s third offshore wind project in Taiwan, following the success of its previous ventures such as Changfang & Xidao and Zhongneng . Having secured site exclusivity and 500 MW of grid capacity in the Round 3.1 auction in December 2022, this project stands out as the first to start construction, a significant development within Taiwan’s energy market.
With a total cost of approximately NTD 103 billion (US$3.1 billion equivalent), the project has been financed by 27 international and Taiwanese banks. In addition, part of the debt financing will be guaranteed by export credit agencies ( ECAs ) and the National Credit Guarantee Administration of Taiwan.
One of the key components of this project will be the supply of turbines from Vestas , which will provide 33 units of its latest technology, including a 15 MW turbine. With the experience gained from previous CIP projects in Taiwan, Vestas continues to demonstrate its leadership in providing solutions for offshore wind farms.
Fengmiao I has benefited significantly from financial backing, including support from six local and international corporations, which have agreed to long-term power purchase agreements for the project’s entire capacity.
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