Danish fund manager CIP secures $3b financing for Taiwanese wind project

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Fund management company Copenhagen Infrastructure Partners (CIP) said it has met all the conditions to secure around $3 billion in financing for a nearly 600 megawatt (MW) offshore wind project off the coast of Taiwan.

The loan for the Changfang and Xidao project is the largest debt package yet for Taiwan’s offshore wind market.

It is financed by equity and senior loans from a consortium of 25 international and Taiwanese banks, financial institutions and 6 export credit agencies, CIP said.

Commissioning for a first phase of up to 100 MW is scheduled for the end of 2021, with a second 500 MW phase scheduled for the start of 2024.

“Reaching financial close marks a major milestone for the Changfang and Xidao project,” Michael Hannibal, partner at CIP, said in a statement. Once commercial operations start, he said the project could supply more than 600,000 households in Taiwan.

CIP manages five funds and has nearly 8 billion euros ($8.7 billion) of assets under management.

Reuters

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.