Copenhagen Infrastructure Partners (CIP), on behalf of the Copenhagen Infrastructure II (CI-II) and Copenhagen Infrastructure III (CI-III) funds will sell a 25% stake in Taiwan’s 595 MW Changfang and Xidao offshore wind farm (CFXD).

Listed company of Global Power Synergy (GPSC) will acquire the interest through its wholly owned subsidiary, Global Renewable Synergy Company Limited.

CI-II and CI-III will continue as majority co-owners of the project and lead the construction phase towards commercial operation in 2024.

GPSC is a subsidiary and an innovative energy flagship of PTT Public Company Limited (PTT), Thailand’s largest energy company.

By partnering with GPSC, CFXD also contributes to the new policy towards southern Taiwan by strengthening cooperation between Taiwan and Thailand in the field of renewable energies.

Located 13-15 km off the coast of Changhua County in Taiwan, the CFXD wind farm reached financial close in February 2020.

Construction of the offshore wind farm with a high share of local Taiwanese content is progressing as planned towards the commercial operation date in the first quarter of 2024.

CFXD is funded by a combination of equity and senior loans from a consortium of 25 international and Taiwanese banks and financial institutions as well as 6 export credit agencies.

CIP acquired the CFXD project in 2017.

The project secured a grid allocation in 2018 and entered into a 20-year PPA with state-owned Taiwan Power Company in 2019. Local Taiwanese suppliers and partners include Century Iron & Steel Industrial Company Limited, TECO, Hung Hua Construction and CTCI.

GPSC, through GRSC, will enter the project as a co-owner alongside CI-II and CI-III, as well as local Taiwanese shareholders, who hold a minority stake in the project.

CIP will continue to lead the project throughout its construction phase.

Once operational, the offshore wind farm will provide clean, renewable energy to more than 600,000 homes per year in Taiwan.

CIP Associate Michael Hannibal said: “We welcome GPSC as a co-investor and partner of CFXD.

“The transaction highlights the significant potential of offshore wind in Taiwan and other Asian countries and recognizes CIP’s added value to the project during the development phase and the initial construction phase.

The transaction is subject to customary closing conditions, filing of foreign investment approval and filings with Ministry of Economic Affairs, Taiwan ROC

Following the closing of the transaction, CI-II and CI-III will remain controlling shareholders and operators of the CFXD offshore wind farm.

FIH Partners acted as exclusive financial advisor and White & Case acted as legal advisor to CIP on the transaction.