CIP reaches final close for groundbreaking Fengmiao 1 offshore windfarm 

The project is CIP’s third offshore windfarm in Taiwan, together with the now installed 600-MW Changfang & Xidao and 300-MW Zhong Neng projects.

The NT$103.0Bn (US$3.1Bn) project financing for Fengmiao I project makes it the first project in Taiwan’s Round 3 development process to reach financial close. 

Fengmiao I secured project financing from 27 international and local banks, with guarantees from four international Export Credit Agencies and Taiwan’s National Credit Guarantee Administration.

Construction of Fengmiao 1 is due to be completed by the end of 2027. Six local and international corporations have already entered into long-term power purchase agreements for Fengmiao I’s entire capacity.

CIP partner and head of Asia Pacific Thomas Wibe Poulsen said, “Financial close on Fengmiao I 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.”

Fengmiao I is located off the coast of Taichung City and was awarded 500 MW of capacity as the top-ranked project in Taiwan’s Round 3-1 auction. 

CIP APAC chair Marina Hsu said Fengmiao I “serves as an anchor for Round 3 offshore wind development.” She said that, by moving beyond a conventional feed-in tariff model, it has successfully sold all of the green power it will generate to leading Taiwanese and American enterprises.

Fengmiao development stage chief executive Joris Hol said, “Since the government allocated 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.

“In doing so, CIP has demonstrated resilience and professionalism to the market and industry, earning the trust of banks and offtakers while attracting top-tier suppliers to collaborate with us.”