Copenhagen Infrastructure Partners (CIP) has reached financial close for the 495MW Fengmiao 1 offshore wind farm, located off the coast of Taichung, Taiwan. The project has secured approximately NTD$103bn (US$3.1bn) in financing, backed by 27 international and Taiwanese banks.
A portion of the project financing will be guaranteed by four export credit agencies (ECAs) and Taiwan’s National Credit Guarantee Administration. The wind farm is scheduled for completion by the end of 2027, with a group of six major local and international corporates already having entered into long-term power purchase agreements (PPAs) for the entire capacity of Fengmiao 1.
This marks the third offshore wind project for CIP in Taiwan, following the successful completion of the Changfang & Xidao and Zhongneng projects. Fengmiao 1 secured site exclusivity and 500MW of grid capacity during Taiwan’s Round 3.1 auction in December 2022. It is the first of Taiwan’s Round 3 projects to reach financial close and is set to be the first to begin construction.
CIP has selected Vestas as the turbine supplier for the project, with 33 units of Vestas’ latest 15MW turbine planned for deployment. Construction will be carried out by a consortium of international and local suppliers, all of which have experience from previous offshore wind projects in Taiwan.
Thomas Wibe Poulsen, partner and head of Asia-Pacific at CIP, stated: “Financial close on Fengmiao 1 marks a major milestone for CIP and is the culmination of years of hard work and dedication from the project team, suppliers, contractors, banks, ECAs, and offtakers. Fengmiao 1 is the first offshore wind project in Taiwan to be supported by a portfolio of corporate offtakers and will deliver much-needed clean energy to large energy users in Taiwan. This sets a new benchmark for Taiwan’s rapidly maturing offshore wind market under the government’s Energy Transition 2.0 policy.”
Copenhagen Offshore Partners has been a key partner in the development of Fengmiao 1 and will continue its involvement throughout the construction phase.
CIP’s fifth flagship fund, Copenhagen Infrastructure V (CI V), closed in March 2025, surpassing its €12bn target. The fund aims to invest in the energy transition across wind, solar PV, and battery storage technologies, focusing on low-risk OECD countries in Europe, North America, and Asia Pacific.
The financing for Fengmiao 1 was advised by BNP Paribas and CTBC Bank, with legal advisory from White & Case and Baker McKenzie for the project financing, and Accura for the supply contracts. Orrick and Lee & Li advised the ECAs and project finance banks.
