The Danish fund management company Copenhagen Infrastructure Partners (CIP) has reached financial close on the construction of the 589 MW Changfang and Xidao offshore wind project off the coast of Changhua County in Taiwan. A consortium of 25 international and local banks and financial institutions are financing the project with a mix of equity and senior loans amounting to TWD90bn (US$3bn). Funders include CIP through its funds Copenhagen Infrastructure I and II, as well as Taiwan Life Insurance and TransGlobe Life Insurance, which bought a 12.5% stake in the project in January 2020. In addition, six export credit agencies support the project.
In 2017, CIP acquired the 589 MW project. The power project secured a grid allocation in 2018. In 2019, CIP signed power a two-decade purchase agreement (PPA) with the state-owned Taiwan Power Company, securing in a feed-in tariff of TWD5.516/kWh (US$18.3c/kWh). Its local content plan was approved in December 2019. Commissioning is expected in early 2024.
Taiwan targets to build 5.7 GW of offshore wind capacity by 2025, as it aims to exit nuclear the same year. It recently presented plans to develop an additional 10 GW of offshore wind capacity between 2026 and 2035.
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