CIP divests minority stake in 595 MW Changfang and Xidao (CFXD) offshore wind project off Changhua County

Copenhagen Infrastructure Partners (CIP), on behalf of the funds Copenhagen Infrastructure II K/S (CI-II) and Copenhagen Infrastructure III K/S (CI-III), has entered into an agreement to divest a 25% stake in the Taiwanese 595 MW Changfang and Xidao (CFXD) offshore wind farm to Global Power Synergy Public Company Limited (GPSC), which will acquire the stake through its wholly-owned subsidiary, Global Renewable Synergy Company Limited (GRSC). CI-II and CI-III will continue as joint majority owners in the project and lead the construction phase towards commercial operations in 2024.

The wind farm is located 13-15 km off the coast of Changhua County in Taiwan, it reached Financial Close in February 2020. The project obtained grid allocation in 2018 and entered into a 20-year PPA with the state-owned Taiwan Power Company in 2019.

Once operational, the offshore wind farm will deliver clean, renewable power to over 600,000 households per year in Taiwan.

The transaction is subject to customary closing conditions, filing for Foreign Investment Approval and filings with the Ministry of Economic Affairs, Taiwan R.O.C., and following the closing of the transaction, CI-II and CI-III will remain controlling shareholders and operators of the CFXD offshore wind farm.

FIH Partners acted as exclusive financial advisor and White & Case acted as legal advisor to CIP on the transaction.