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
(http://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
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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
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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.
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