CIP takes 'benchmark' Taiwan wind farm to financial close
Fengmiao 1 is set to become the first offshore wind project to start construction from Taiwan's Round 3 crop
Copenhagen Infrastructure Partners (CIP) has reached financial close on its 495MW Fengmiao I offshore wind farm, which becomes the first project from Taiwan's Round 3 offshore wind tender to reach this level of maturity.
Acting through its new CI V fund, CIP secured close to TWD$103bn ($3.1bn) in project financing from 27 international and Taiwanese banks.
A portion of the project finance debt will be guaranteed by four export credit agencies (ECAs) and Taiwan’s National Credit Guarantee Administration, said CIP.
Fengmiao I is scheduled to complete construction by the end of 2027 and a group of six local and international corporates have entered into long-term power purchase agreements with the project for its entire capacity.
CIP secured site exclusivity and 500MW grid capacity for the Fengmiao I in Taiwan’s Round 3.1 auction in December 2022.
It is the first of Taiwan's Round 3 projects to reach financial close and will be the first to start construction CIP noted.
Vestas, which is the turbine supplier to CIP's two existing projects in Taiwan will supply 33 units of its latest 15MW turbine to Fengmiao I, CIP stated.
“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," said Thomas Wibe Poulsen, partner and head of Asia-Pacific at CIP.
"This sets a new benchmark for Taiwan's rapidly maturing offshore wind market under the government’s Energy Transition 2.0 policy.”
CIP describes itself as the world’s largest dedicated fund manager within greenfield energy investments and a global leader in offshore wind.
Its fifth fund, CI V, held its own final close in March 2025 and exceeded the target of €12bn ($13.1bn).
Aiming to invest across a range of energy transition technologies including wind, solar PV and battery storage across low-risk OECD countries in Europe, North America and Asia Pacific, CIP has so far made six final investment decisions (FIDs) committing 60% of the fund.
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