Taiwanese offshore windfarm gets British and Danish backing

In March 2025, Copenhagen Infrastructure Partners reached financial close on the 495-MW Fengmiao I offshore wind project, securing US$3.1Bn in project financing for the project, the country’s first project in Taiwan’s Round 3 development process to reach financial close.

The project is noteworthy for a number of reasons, not least that Fengmiao I is the first offshore wind project in Taiwan to be supported by a portfolio of corporate offtakers.

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. Among the international credit agencies supporting the project are UKEF, which guaranteed £184M (US$243M) in financing for Fengmiao 1, and EIFO, which provided a project financing guarantee of €150M (US$166M).

UKEF said the deal secured £55M in manufacturing and service contracts for British suppliers. UKEF said its decision to back the project “supports the government’s Plan for Change to boost economic growth across all regions and promote the UK’s clean-growth expertise.”

Business and Trade Secretary Jonathan Reynolds said, “This deal harnesses the power of commerce to drive the energy transition while securing lucrative new opportunities for UK businesses and supporting job creation in local communities.” 

EIFO chief commercial officer Peter Boeskov said the project has significant Danish involvement, which EIFO is helping to finance through its guarantee. 

Vestas will supply 33 V236-15MW turbines for the park and Semco Maritime is participating in a joint venture for the offshore substation.

“This financing agreement aligns very well with EIFO’s strategy to support effective green energy projects and strengthen Danish exports,” said Mr Boeskov.

The other export credit agencies involving in the financing package for Fengmiao 1 have not been formally identified, but are believed to include Atradius DSB in the Netherlands and Credendo in Belgium, in addition to Taiwan’s National Credit Guarantee Administration.