Wind Energy – Fengmiao Taiwan
The Fengmiao I project team of CIP Taiwan has completed the NT$103-billion project financing, making it the first project in Taiwan’s Round 3 development to reach financial close.
Fengmiao I has secured project financing from 27 international and local banks, with guarantees from four international Export Credit Agencies and Taiwan’s National Credit Guarantee Administration.
Fengmiao I is located off the coast of Taichung City and was awarded a 500MW capacity as the top-ranked project in Round 3-1 auction. It marks CIP’s third offshore wind project in Taiwan. Fengmiao I has secured all procurement contracts and is collaborating with leading international and local suppliers.
Fengmiao I is expected to be completed in 2027, with its entire power generation capacity allocated through Corporate Power Purchase Agreements (CPPA) to six industry-leading companies in Taiwan and the U.S.
“The signing of the Fengmiao I project financing agreements marks a major milestone for CIP and is the culmination of years of hard work and dedication from the project team, suppliers, contractors, banks, ECAs and offtakers. Fengmiao I is the first offshore wind project in Taiwan to be supported by a portfolio of corporate offtakers and will deliver much-needed clean energy to large energy users in Taiwan. This sets a new benchmark for Taiwan’s rapidly maturing offshore wind market under the government’s Energy Transition 2.0 policy,” said Thomas Wibe Poulsen, Partner and Head of Asia-Pacific at CIP.
“Since the government allocated the capacity for Fengmiao I, the project team has overcome major challenges such as global inflation, rising development costs, vessel shortages, and shifts in power purchase models,” Fengmiao I Development Stage CEO Joris Hol, said.
“Through these efforts, CIP has demonstrated strong resilience and professionalism to the market and industry, earning the trust of banks and offtakers while attracting top-tier suppliers to collaborate with us.”
Mark Wainwright has recently been appointed as CEO Fengmiao Offshore Wind Farm.
