CIP, CSC sign project financing for 298-MW wind project offshore Taiwan

Offshore wind turbines. Image by: Copenhagen Infrastructure Partners (CIP).

November 24 (Renewables Now) - The 298-MW Zhong Neng offshore wind project in Taiwan has secured USD 1.6 billion (EUR 1.4bn) in project financing and is set to achieve financial close shorthly, Copenhagen Infrastructure Partners (CIP) said today.

The project is a joint venture between CIP through its fund Copenhagen Infrastructure IV and China Steel Corp (TPE:2002), or CSC, owning 49% and 51%, respectively. A project financing agreement has been signed with a consortium of 20 banks.

Zhong Neng is located off the coast of Changhua County, next to CIP’s Changfang and Xidao offshore wind farm, which is now under construction.

Zhong Neng’s local content plan was approved by the Taiwan government in November 2019. The facility will use jacket foundations from CSC’s subsidiary Sing Da Marine Structures and 31 units of Vestas’ 174-9.6MW turbines.

“We are excited about shortly entering the construction phase of Zhong Neng which will, once commercial operation starts, provide clean energy to approximately 300,000 households in Taiwan,” said CIP parner Michael Hannibal.

Grid allocation for Zhong Neng was obtained in 2018 and a 20-year power purchase agreement (PPA) with Taiwan Power Company was signed in 2019. Commercial operations are expected to begin in 2025.

(USD 1 = EUR 0.888)

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Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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