TAIPEI, Taiwan and COPENHAGEN, Denmark, May 22, 2024 (GLOBE NEWSWIRE) -- At a ceremony in Taipei, Taiwan, CIP today officially celebrated that it has completed construction of the Changfang-Xidao offshore wind project. With a total capacity of nearly 600 MW, the two offshore wind farms increase Taiwan’s combined offshore capacity by approximately 25% and contribute significantly to its energy transition and ambitious net-zero goals.
Changfang-Xidao has one of the highest degrees of localisation, i.e. use of local suppliers and vendors, in the history of Taiwan’s offshore wind industry. The wind farms are located 11 km off the west coast of Taiwan and consist of 62 Vestas V174 turbines and jacket foundations supplied by Taiwan’s Century Wind Power. When fully operational, Changfang-Xidao will generate enough renewable energy to power around 650,000 local households and will deliver an annual expected CO2 reduction of 1.1 million tons.
Changfang-Xidao are CIP’s first offshore wind farms in Asia Pacific, which has developed into a key offshore market. CIP has a significant portfolio of 21 GW offshore wind in the Asia Pacific and is among the frontrunners in the build-out of offshore wind in Korea and Australia, as well as Taiwan.
Christina Grumstrup Sørensen, Senior Partner at CIP, says: “The inauguration of Changfang-Xidao is a landmark for CIP as well as for the offshore wind industry in Taiwan. In the past seven years, the development and construction team, suppliers, partners and shareholders have demonstrated the power of close collaboration. Together we have successfully constructed a project that makes a meaningful contribution to Taiwan’s energy transition and that plays a significant role in the establishment of the local offshore wind industry – and will support Taiwan’s long-term offshore wind ambitions.”
Mads Skovgaard Andersen, Partner at CIP, commented: “I would like to thank and congratulate the construction team and our supply chain partners on reaching this important milestone. Your stamina, dedication, and problem-solving skills have been instrumental for the success of Changfang-Xidao and have enabled the construction of a project that stands out as a testimony to the professionalism of the offshore supply chain here in Taiwan.”
Changfang-Xidao is majority owned by CIP’s Flagship funds CI II and CI III. Thailand-based Global Power Synergy Public Company (GPSC) and two Taiwanese life insurance companies, Taiwan Life and Transglobe Life, each own minority stakes. The project was constructed by a highly experienced team led by Copenhagen Offshore Partners, CIP’s exclusive offshore wind development partner, and the local Copenhagen Infrastructure Service Company, the global service provider to CIP.
Since entering Taiwan in 2017, CIP has been committed to offshore wind in the country and has invested significantly in developing Taiwan’s offshore wind projects, supply networks and fostering a strong industry ecosystem. CIP and other partners currently have three offshore wind projects in Taiwan with a combined capacity of approximately 1,400 MW: Changfang-Xidao (600MW), Zhongneng (300MW), and Fengmiao (500MW). Zhongneng is owned by CI IV and China Steel Corporation and is under construction with commercial operations expected in 2025. Fengmiao is owned by CI V and is targeting a final investment decision by the end of 2024 and commercial operations in 2027.
With a target size of EUR 12 billion, CIP’s fifth flagship fund, CI V, is set to become the largest of its kind globally. The fund aims to invest in a range of technologies from wind and solar PV to energy storage across Europe, North America, and Asia Pacific. A third of the projected projects in CI V are expected to be developed in Asia Pacific.
CI V is off to a strong start with a large and diversified portfolio of renewable energy infrastructure projects in the development stage. It has potential equity commitments of EUR 22 billion and 70% of the target fund size for CI V is expected committed by the end of 2024. The fund is expected to have made six financial investment decisions by the end of 2024, including on the Fengmiao offshore wind project in Taiwan.
About Copenhagen Infrastructure Partners
Founded in 2012, Copenhagen Infrastructure Partners P/S (CIP) today is the world’s largest dedicated fund manager within greenfield renewable energy investments and a global leader in offshore wind. The funds managed by CIP focus on investments in offshore and onshore wind, solar PV, biomass and energy-from-waste, transmission and distribution, reserve capacity, storage, advanced bioenergy, and Power-to-X.
CIP manages 12 funds and has to date raised approximately EUR 28 billion for investments in energy and associated infrastructure from more than 160 international institutional investors. CIP has approximately 500 employees and 12 offices around the world. For more information, visit www.cip.com
For further information, please contact:
E-mail: media@cip.com
Simon Mehl Augustesen, Chief Communication Officer
Phone: +45 3052 6721
Email: siau@cip.com
Thomas Kønig, Partner – Investor Relations
Phone: +45 7070 5151
Email: tkon@cip.com
Legal disclaimer
This release does not constitute an offer to sell or the solicitation of an offer to purchase any security. Any investment involves substantial risks including complete loss of capital. There can be no assurance that CIP will be able to implement the strategy described herein or, if implemented, that it will lead to successful results. Similarly, there can be no assurance that CIP will be able to maintain the advantages discussed herein over time or outperform third parties or the financial markets generally.
Certain information contained herein constitutes “forward-looking statements,” which can be identified by the use of terms such as “may,” “will,” “expects,” “intends,” “plans,” “believes,” “estimates” or comparable terminology. Forward-looking statements are subject to a number of known and unknown risks and uncertainties, including without limitation changes in economic conditions, political changes, legal and regulatory requirements, interest rate fluctuations, as well as changes in markets, prospects and competition. There can be no assurance that historical trends will continue. Some of the views expressed herein are the opinions of CIP and should not be construed as absolute statements and are subject to change without notice.
source: Copenhagen Infrastructure Partners
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