CIP reaches financial close on Fengmiao I offshore wind farm

The project received over $3b in financing.

The Copenhagen Infrastructure Partners (CIP) has announced that it has reached financial close for its third offshore wind project in Taiwan the Fengmiao I.

According to a company statement, this was achieved following the successful construction of Changfang & Xidao and Zhongneng. It is the first of Taiwan's Round 3 projects to reach financial close and the first to start construction.

The project will be constructed by a group of international and local suppliers, with Vestas as the turbine supplier to provide 33 units of its latest 15 megawatt turbine to Fengmiao I.

Fengmiao I has secured approximately $3.1b in project financing from 27 international and Taiwanese banks. A portion of the project finance debt will be guaranteed by four export credit agencies (ECAs) and Taiwan’s National Credit Guarantee Administration.

The wind project is scheduled to complete construction by the end of 2027. A group of six large local and international corporations have entered into long-term power purchase agreements with the project for its entire capacity.

BNP Paribas and CTBC Bank acted as joint financial advisors for the project financing. White & Case and Baker McKenzie acted as the legal advisors on the financing, and Accura acted as the legal advisor on the supply contracts. Orrick and Lee & Li acted as legal advisors to the ECAs and project finance banks.