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.