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CIP divested a 25% minority stake in Taiwan's offshore wind farm West Island
Seetao 2021-07-16 11:21
  • CFXD wind farm is located 13-15 kilometers off the coast of Changhua County, Taiwan, with a planned capacity of 595MW
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The Copenhagen Infrastructure Partner (CIP), representing the Fund Copenhagen Infrastructure (CI-II) and Copenhagen Infrastructure, is pleased to announce that it has entered into an agreement to transfer a 25% stake in Taiwan’s 595MW Changfang and Xidao (CFXD) offshore wind farm Sold to Global Power Synergy Public Company Limited (GPSC), which will acquire the equity of Synergy Company Limited (GRSC) through its wholly-owned subsidiary Global Renewable. CI-II and CI-III will continue to be the joint major shareholders of the project and lead the construction phase to commercial operation in 2024.

GPSC is operated as a subsidiary of Thailand's largest energy company PTT Public Company Limited (PTT) and the flagship of innovative power. Through cooperation with GPSC, CFXD also contributes to Taiwan’s new southward policy by strengthening cooperation between Taiwan and Thailand in the field of renewable energy. The CFXD wind farm is located 13-15 kilometers off the coast of Changhua County, Taiwan, with a planned capacity of 595MW. CFXD completed the financial settlement in February 2020, and the construction of Taiwan's high-content offshore wind farms is proceeding as planned before the commercial operation date in the first quarter of 2024. CFXD's funding comes from equity and preferred loans from a consortium. 25 international and Taiwanese banks and financial institutions and 6 export credit agencies. CIP acquired the CFXD project in 2017. The project was allocated to the grid in 2018 and signed a 20-year PPA with the state-owned Taiwan Power Company in 2019. Local suppliers and partners in Taiwan include Century Steel Industry Co., Ltd., TECO, Honghua Construction and CTCI.

GPSC will enter the project through GRSC as a co-owner along with CI-II and CI-III and local Taiwanese shareholders who hold a minority stake in the project. CIP will continue to lead the construction phase of the project. Once put into operation, offshore wind farms will provide clean and renewable energy to more than 600,000 households in Taiwan each year.

"We welcome GPSC as a co-investor and partner of CFXD. This transaction consolidates the huge potential of offshore wind power in Taiwan and other Asian countries, and recognizes the value added by CIP to the project during the development and initial construction phases", CIP partner Michael Hannibal said. After the transaction is completed, CI-II and CI-III will remain the controlling shareholder and operator of wind farms overseas of CFXD.

Keywords: offshore wind power, international engineering news

Copenhagen Infrastructure Partners P/S (CIP) is a fund management company focused on energy infrastructure, including offshore wind power, onshore wind power, solar photovoltaic, biomass and waste energy, power transmission and distribution, reserve capacity and storage, and others Energy assets, such as power to X. CIP has approximately 200 employees and offices in Copenhagen, Hamburg, New York, Tokyo, Utrecht and London. CIP was established in 2012 by senior managers in the energy industry in cooperation with Pension Danmark.Editor/Baohongying

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