Copenhagen Infrastructure Partners (CIP) has announced the financial close for the Fengmiao I project, a 495 MW offshore wind farm located off the coast of Taichung, Taiwan. This project represents CIP’s third offshore wind initiative in Taiwan, following the successes of the Changfang & Xidao and Zhongneng projects. The project’s financing, amounting to approximately NTD 103 billion (USD 3.1 billion), was secured by a consortium of 27 international and Taiwanese banks, with support from several export credit agencies (ECAs) and Taiwan’s National Credit Guarantee Administration.
A key project in Taiwan’s Round 3.1 auction
The Fengmiao I wind farm secured a grid connection capacity of 500 MW during Taiwan’s Round 3.1 auction, concluded in December 2022. This project is the first from this round to reach financial close and begin its construction phase, which is expected to be completed by the end of 2027. The turbines for the project will be supplied by Vestas, with the delivery of 33 units of its latest 15 MW turbines, which have also been used on CIP’s previous projects in Taiwan. Vestas’ role in this project is crucial, as it is for the company’s other initiatives in the region.
Long-term power purchase agreements
An important strategic aspect of the Fengmiao I project lies in the long-term power purchase agreements (PPAs) signed with six large local and international companies. These agreements provide financial stability for the project by guaranteeing the purchase of its entire production capacity. The farm will thus supply clean and reliable energy to major energy consumers in Taiwan, supporting the country’s energy policy goals, particularly the “Energy Transition 2.0” policy implemented by the Taiwanese government.
A pioneering offshore wind project in Taiwan
Thomas Wibe Poulsen, Partner and Head of Asia-Pacific at CIP, highlighted the importance of this financial close, calling it a “major milestone” for the company. This project now serves as a model for offshore wind in Taiwan, a sector that is rapidly maturing, with energy transition policies acting as a catalyst. It also marks the first offshore wind project in Taiwan supported by a portfolio of leading companies as power buyers.
In parallel, CIP’s Copenhagen Infrastructure V (CI V) fund completed its final close in March 2025, exceeding its initial EUR 12 billion target. The fund is set to finance energy transition technologies, including projects in wind, solar, and energy storage across low-risk countries, primarily in Europe, North America, and Asia-Pacific.
