FIH Partners advises CIP on the divestment of a 25% stake in Taiwanese offshore wind farm Changfang and Xidao

Divestment of 25% stake in the 595MW Changfang and Xidao offshore wind farm
Transaction:
Transactions
Date:
Pending
Deal Value:
Undisclosed
Process:
Private auction
Industry:
Renewables

FIH Partners advises CIP, through Copenhagen Infrastructure II K/S (CI-II) and Copenhagen Infrastructure III K/S (CI-III), on the divestment of a 25% stake in the Changfang and Xidao offshore wind farm to Global Power Synergy Public Company Limited (GPSC), which will acquire the stake through its wholly owned subsidiary Global Renewable Synergy Company Limited (GRSC).

Located 13-15 km off the coast of Changhua County in Taiwan, the CFXD wind farm has a planned capacity of 595MW. CFXD 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. CFXD 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 CFXD project in 2017. The project obtained grid allocation in 2018 and entered into a 20-year PPA with the state-owned Taiwan Power Company in 2019.

The transaction is subject to customary closing conditions, filing for Foreign Investment Approval and filings with the Ministry of Economic Affairs, Taiwan R.O.C., and following closing of the transaction, CI-II and CI-III will remain controlling shareholders and operators of the CFXD offshore wind farm.

FIH Partners acted as exclusive financial advisor to CIP on the transaction.