Danish fund management company, Copenhagen Infrastructure Partners (CIP), on behalf of the funds Copenhagen Infrastructure II (CI-II) and Copenhagen Infrastructure III (CI-III), has entered into an agreement to divest a 25% stake in the Taiwanese 595 MW Changfang and Xidao offshore wind farm to Thailand’s Global Power Synergy Public Company (GPSC), which will acquire the stake through its subsidiary, Global Renewable Synergy Company (GRSC).
GPSC will enter into the project as a co-owner alongside CI-II and CI-III, as well as the local Taiwanese shareholders, which hold a minority stake in the project. CI-II and CI-III will continue as joint majority owners in the project and lead the construction phase towards commercial operations. Once operational, the offshore wind farm will deliver renewable power to over 600,000 households per year in Taiwan.
Located 13-15 km off the coast of Changhua County in Taiwan, the Changfang and Xidao wind farm reached financial close in February 2020 and construction of the offshore wind park with a high share of local Taiwanese content is progressing as planned towards commercial operations date in Q1 of 2024.
The project is financed through a combination of equity and senior loans from a consortium of 25 international and Taiwanese banks and financial institutions as well as 6 export credit agencies.
CIP acquired the project in 2017. The project obtained grid allocation in 2018 and entered into a 20-year power purchase agreement with the state-owned Taiwan Power Company in 2019. Local Taiwanese suppliers and partners include Century Iron & Steel Industrial, TECO, Hung Hua Construction and CTCI.