TAIPEI (Taiwan News) — Copenhagen Infrastructure Partners announced Wednesday that it has secured NT$103 billion (US$3.22 billion) to finance its Fengmiao Phase 1 offshore wind farm, targeting completion by 2027.

Fengmiao Phase 1 is located off the coast of Taichung and is being developed through CIP’s fifth flagship fund, Copenhagen Infrastructure, per CNA. The 500 MW project was awarded in Taiwan’s round 3 auction in 2022 and marks CIP’s third wind farm in the country, following Changfang and Xidao and Zhongneng.

The financing round drew support from 27 domestic and international banks, with backing from export credit agencies in Denmark, the Netherlands, and Belgium, as well as Taiwan’s National Credit Guarantee Mechanism. CIP said the backing was a strong endorsement of Taiwan’s renewable energy policy and its project track record.

Fengmiao Phase 1’s full output has been sold via corporate power purchase agreements to six companies, including MediaTek, Taiwan Mobile, and Google. It is the first offshore wind farm in Taiwan to sign corporate power purchase agreements with multiple corporate buyers.

Thomas Wibe Poulsen, CIP’s Asia-Pacific partner and Fengmiao chair, called the project a milestone in Taiwan’s energy transition. He said the team is committed to strengthening Taiwan’s competitiveness in the global net-zero supply chain.

Mark Wainwright, Fengmiao CEO and project lead, said manufacturing and mobilization are on schedule. Key tasks this year include onshore transmission construction and producing underwater foundations and submarine cables.