FIH Partners advised Copenhagen Infrastructure Partners (“CIP”), through Copenhagen Infrastructure II K/S (“CI II”) and Copenhagen Infrastructure III K/S (“CI III”), on bringing the 589 MW Taiwanese Offshore wind project Changfang and Xidao to Financial Close.
The offshore wind farm will be financed through a combination of equity and senior loans from a consortium of international and Taiwan banks and financial institutions, as well as 6 export credit agencies. The total project financing raised from the banks and financial institutions amounts to approximately
USD 3 billion.
CIP acquired the Changfang and Xidao project in 2017 and the project obtained grid allocation in 2018. In 2019, the project entered into a 20-year PPA with the state-owned Taiwan Power Company. The Changfang and Xidao project is owned by CI II and CI III and a minority stake is owned by two local life insurance companies, Taiwan Life Insurance and TransGlobe Life Insurance. CIP will lead the project through its construction phase with expected start of commercial operations in Q1 2024.