Danish company Copenhagen Infrastructure Partners (CIP) has finalized the financial close of its 589 MW Changfang and Xidao offshore wind project in Taiwan.

The IPC said the financial close has been achieved through its Copenhagen II (CI II) and Copenhagen III (CI III) infrastructure.

The financing of the wind farm consists of a combination of equity and senior loans.

CI II and CI III have raised approximately $ 3 billion (TWD 90 billion) in project finance from banks, financial institutions and export credit agencies.

CIP partner Michael Hannibal said: “The financial close marks an important milestone for the Changfang and Xidao project and we are really excited to enter the construction phase of the project and, once commercial operations have started. , we will provide clean energy to more than 600,000 households in Taiwan. “

Located off the coast of Changhua County, Taiwan, the Changfang and Xidao wind farms will be equipped with 62 wind turbines to be delivered by MHI Vestas.

CIP acquired the Changfang and Xidao project in 2017. In 2019, a 20-year Power Purchase Agreement (PPA) was signed for the project with state-owned Taiwan Power Company.

Additionally, the project gained local content plan approval in December 2019.

Changfang Xidao CEO Jesper Krarup Holst said, “Since entering the Taiwan offshore wind market in 2017, we have worked intensively with Taiwanese companies and the government to develop the local supply chain and we are therefore proud to deliver the project with the highest degree of localization in Taiwan to date.

The CIP will manage the construction of the project. Changfang and Xidao are expected to begin commercial operations in 2024.

The CIP said it will involve local industries for the fabrication of envelope foundations, spindle piles, land substations, transportation and installation contracts.