Taiwan’s 589MW offshore wind project reaches financial close

Copenhagen Infrastructure Partners (CIP) is set to commence construction of its 589MW Changfang and Xidao wind complex off the coast of Taiwan after reaching financial close on the project.

The Danish fund management company said on Friday it had agreed close to US$3 billion of equity and senior debt financing with a consortium of international and domestic banks and export credit agencies.

CIP’s latest announcement follows the development of a local content plan in December – a key development for any project in Taiwan, where localisation is a major concern for national and local authorities alike.

“Since we entered the Taiwan offshore wind market in 2017 we have worked intensively with Taiwanese companies and the government to build up the local supply chain and we are therefore proud to deliver the project with the highest extent of localisation in Taiwan to date,” said Jesper Krarup Holst, CEO of the project company.

MHI vestas will supply 62 9.5MW wind turbines to Changfang and Xidao, and the project is expected to begin commercial operations in the first quarter of 2024. Taiwan will have 5.5GW of offshore wind deployment by 2025.