Fengmiao Offshore Wind Farm Phase 1 Reaches Financial Close　Ceremony Marks Milestone as Construction Accelerates

Copenhagen Infrastructure Partners (CIP), through its fifth flagship fund (Copenhagen Infrastructure V, CI V), held a financial close appreciation ceremony on April 30th for the Fengmiao Phase 1 offshore wind farm. The event thanked all stakeholders for their collaboration in securing financing for the first wind farm under Taiwan's Round 3 zonal development and provided updates on project planning and progress, reaffirming its commitment to advancing construction at full speed.

Fengmiao Phase 1 officially announced financial close on March 19, securing project financing totaling approximately NT $103 billion. It is the first project in the Round 3 zonal development to reach financial close. The financing attracted participation from 27 international and domestic banks and was backed by export credit agencies from the Netherlands, Denmark, the UK, and Belgium, along with Taiwan's National Credit Guarantee Administration, demonstrating strong confidence from European governments and global capital markets in CIP, as well as robust support for Taiwan's green energy policy.

Located off the coast of Taichung, Fengmiao Phase 1 is CIP's third offshore wind project in Taiwan, following the Changfang & Xidao and Zhong Neng wind farms. In 2022, it was awarded 500 MW of capacity as the top-ranked project in Round 3-1. Scheduled for commissioning in 2027, the entire electricity output has already been sold under corporate power purchase agreements (CPPAs) to six leading companies from Taiwan and the U.S., including Sino-American Silicon Products(SAS), Taiwan Mobile, FarEasTone, United Microelectronics Corp (UMC), MediaTek, and Google (listed in Chinese stroke order). It is the first offshore wind farm in Taiwan to supply electricity to multiple corporate offtakers, setting a new benchmark for green power market transactions.

Thomas Wibe Poulsen, APAC Regional Partner of CIP and Chairman of the Fengmiao Wind Farm, expressed heartfelt gratitude to all partners supporting Fengmiao Phase 1, from suppliers and lending banks to corporate offtakers and the Taiwanese government. He emphasized that this achievement represents more than just a successful financing, it marks a historic milestone in the evolution of Taiwan's offshore wind industry. CIP is now fully committed to the construction phase, helping Taiwan's enterprises strengthen their global competitiveness in the race toward net-zero.

Naiwen Marina Hsu, APAC Regional Managing Director of CIP, stated that Fengmiao Phase 1 serves as the anchor project for Round 3 and proves both the feasibility of Taiwan's energy transition policy and the market's strong demand for green electricity. She noted that CIP has already begun development and power sales for Fengmiao Phase 2 and especially thanked the government for encouraging domestic capital participation in offshore wind financing. CIP remains dedicated to its mission and will continue supporting Taiwan's journey toward a net-zero future.

Joris Hol, Project CEO of Fengmiao Phase 1 in the development phase, highlighted the project team's resilience and professionalism in the face of numerous challenges, including global supply chain constraints, soaring raw material prices, volatile capital markets, and shifts in power sales models. Their efforts have earned the trust of banks and customers and attracted top-tier local and international suppliers to the project.

At the event, Mark Wainwright, Project CEO of the Fengmiao Phase 1 in the construction phase, succeeding Joris Hol, shared updates on construction progress. He reported that component manufacturing, vessel and crew scheduling, and site preparations are all proceeding on schedule. Goals in 2025 include advancing onshore transmission facility construction and ensuring the timely production and delivery of key components, such as foundations, turbine components, offshore substations, and subsea cables, to support smooth offshore installation in 2026 and 2027. Fengmiao Phase 1 remains committed to the highest standards of safety and quality, ensuring timely and reliable delivery of green power to corporate offtakers.