Financing the first Round 3.1 offshore wind farm in Taiwan - the Fengmiao I project by Copenhagen Infrastructure Partners

Located in Taichung and scheduled for completion by the end of 2027, the 495 megawatts (MW) Fengmiao I offshore wind farm will provide much-needed clean energy to large energy users in Taiwan. As one of the projects awarded grid capacity in Taiwan’s Round 3.1 auction, this is the first of Taiwan’s Round 3 projects to complete funding and start construction.

This is also the first-ever offshore wind project in Taiwan to be supported by multiple corporate offtakers under power purchase agreements concluded with six leading international and local technology, semiconductor and telecom companies. It represents a significant milestone for the offshore wind sector and the renewable energy industry in Taiwan and Asia-Pacific. 
Fengmiao I marks Danish investor Copenhagen Infrastructure Partners (CIP)’s third offshore wind project in Taiwan, after the successful construction of 595 MW Changfang & Xidao and 297 MW Zhong Neng. With €32 billion raised and a 120 gigawatts project pipeline, CIP has become one of the world's largest renewables investment firms.

Building on a long-standing relationship with CIP and a strong track record for its previous projects in Taiwan, Crédit Agricole CIB contributed to the US$3.1 billion loan facilities to support the construction and operation of Fengmiao I. The Bank acted as Mandated Lead Arranger, Lender, Hedging Counterparty (including deal contingent hedging), as well as Modeling Bank. This landmark transaction is supported by a consortium of 11 international banks, 16 domestic banks, as well as five international and domestic export credit agencies.

Fengmiao I is another testimony to Crédit Agricole CIB’s continued commitment in supporting Taiwan's energy transition and our ability to deliver bespoke and multi-product structured solutions to our clients.