The Danish investment company Copenhagen Infrastructure Partners (CIP) has sold a 12.5% share of its Taiwanese offshore wind portfolio to local insurance groups Taiwan Life Insurance and TransGlobe Life Insurance (TGL) after they committed to invest respectively TWD2.5bn (US$83m) and TWD1.7bn (US$56m). CIP will create a joint venture (named Taiwan Wind Energy Investment Co.) with the two companies to oversee the development and operation of its Changhua and West Island (or Xidao) offshore wind projects, totalling around 600 MW.
Taiwan’s regulator requires the first 100 MW Changhua-1 project to achieve grid connection by the end of 2022. The 445 MW Changhua-2 project and the 48 MW West Island project are expected to be commissioned in 2024 and 2025, respectively. CIP has already signed power purchase agreements (PPAs) with Taipower for the projects, securing in a feed-in tariff of TWD5.516/kWh (US$18.3c/kWh).
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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