Copenhagen Infrastructure Partners (CIP) said Tuesday it has agreed to sell a 25% interest in a 595-MW offshore wind project in Taiwan to a unit of Thai energy major PTT PCL.
The deal will see PTT unit Global Power Synergy PCL join the Changfang and Xidao project as a shareholder, alongside CIP funds Copenhagen Infrastructure II K/S (CI-II) and Copenhagen Infrastructure III K/S (CI-III), which will remain joint majority owners and operators. Local Taiwanese shareholders hold a minority stake.
The amount to be paid by Global Power Synergy was not disclosed.
The wind farm off the coast of Changhua County is already under construction, with a high share of local content. CIP bought the project in 2017, secured grid allocation in 2018, got a power purchase agreement with Taiwan Power Company in 2019, and reached financial close in early 2020. A consortium of 25 banks and financial institutions, local and international, as well as six export credit agencies provided equity and senior loans for the project.
The plant is planned to enter commercial operations in the first quarter of 2024.
The stake sale hinges on customary closing conditions, Foreign Investment Approval and filings with the Ministry of Economic Affairs, Taiwan ROC. FIH Partners was CIP’s exclusive financial advisor on the transaction, while White & Case served as legal advisor.
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