Copenhagen Infrastructure Partners (CIP) has agreed to divest a 10% equity stake in the 495-megawatt Fengmiao 1 offshore wind project in Taiwan to Japanese shipping company Mitsui OSK Lines (MOL), the firms announced on Thursday.
The transaction, carried out on behalf of CIP’s fifth flagship fund Copenhagen Infrastructure V (CI V), marks the entry of MOL as a co-owner of the project, which is located off the coast of Taichung County.
“We are delighted to welcome MOL as co-investor in Fengmiao – and I am confident that we together will bring a project of the highest standards to commercial operation,” said Thomas Wibe Poulsen, partner and head of Asia-Pacific at CIP. “The transaction recognises the value created by CIP during the development phase as well as CIP’s strong offshore wind track record in Taiwan.”
Development of Fengmiao 1 began in 2020, with site exclusivity and grid connection rights secured through Taiwan’s Round 3.1 auction in December 2022. Construction started following the project’s financial close in March 2025, and commercial operation is expected by the end of 2027.
The project is financed through a mix of equity and senior debt from a consortium of 27 international and domestic financial institutions. The financing includes partial guarantees from four export credit agencies and Taiwan’s National Credit Guarantee Administration.
Once operational, Fengmiao 1 will supply electricity to a group of six local and international energy users under long-term power purchase agreements that cover the project’s full capacity.
MOL, which operates a global fleet of around 900 vessels, is expanding its presence in the energy and offshore sector. Its investment in Fengmiao 1 reflects a strategic shift toward low-carbon infrastructure assets.
CIP said the deal aligns with CI V’s broader strategy to invest in renewable energy and transition technologies in low-risk OECD markets. The fund has already committed 60% of its capital through six final investment decisions.
The agreement is subject to standard closing conditions. BNP Paribas served as financial advisor and White & Case as legal advisor to CIP in the transaction.
