CIP's 600MW Taiwan wind farm reaches financial close

A syndicate of 25 banks funded the $3b transaction.

Danish fund management firm Copenhagen Infrastructure Partners (CIP) has reached financial close on the development of the 600MW multi-phase Changfang and Xidao projects, located 13-15km off the coast of Changhua County, Taiwan, an announcement revealed.

CIP secured financing worth $3b comprising multi-tranche, multi-currency financing arrangements, including cover provider-supported pieces, from a syndicate of 25 international and Taiwanese commercial banks, life insurance companies and cover providers, including export credit agencies (ECA). Watson Farley & Williams stood as advisor of the deal.

Financing cover was provided by seven cover providers from Europe, South Korea, Japan, and the UK.

Commissioning for the first phase of up to 100MW is scheduled for the end of 2021 and the second phase of up to 500MW is scheduled for the beginning of 2024. The Changfang and Xidao projects are majority-owned by CIP and a minority stake is owned by the Taiwanese life insurance companies.