The project will be constructed by a consortium of international and local suppliers experienced in Taiwan’s offshore wind sector.
Located offshore Taichung, the Fengmiao I project is CIP’s third offshore wind venture in the region, following Changfang & Xidao, and Zhongneng.
Fengmiao I secured site exclusivity and a 500MW grid capacity in Taiwan’s Round 3.1 auction in December 2022.
It is the first project from Taiwan’s Round 3 to reach financial close and commence construction.
The project will be constructed by a consortium of international and local suppliers experienced in Taiwan’s offshore wind sector.
Vestas, the turbine supplier for CIP’s existing projects, will provide 33 units of its latest 15MW turbine for Fengmiao I.
The project has secured T$103bn ($3.1bn) in financing from 27 international and Taiwanese banks.
A portion of the debt will be guaranteed by four export credit agencies (ECAs) and Taiwan’s National Credit Guarantee Administration.
Fengmiao I, which is expected to complete construction by the end of 2027, has already secured long-term power purchase agreements with six large local and international corporates for its entire capacity.
CIP partner and head of Asia-Pacific Thomas Wibe Poulsen stated: “Financial close on Fengmiao I marks a major milestone for CIP and is the culmination of years of hard work and dedication from the project team, suppliers, contractors, banks, export credit agencies and offtakers.
“Fengmiao I is the first offshore wind project in Taiwan to be supported by a portfolio of corporate offtakers and will deliver much-needed clean energy to large energy users in Taiwan. This sets a new benchmark for Taiwan’s rapidly maturing offshore wind market under the government’s Energy Transition 2.0 policy.”
CI V, CIP’s fifth flagship fund, exceeded its €12bn ($13.05bn) target in March 2025.
The fund focuses on investing in energy transition technologies across low-risk OECD countries.
CI V has made six final investment decisions, committing 60% of the fund to ensure rapid capital deployment and value creation.
BNP Paribas and CTBC Bank acted as joint financial advisors.
Legal advice was provided by White & Case, Baker McKenzie, Accura, Orrick and Lee & Li.
Sino-American Silicon Products (SAS) and its subsidiary, Sustainable Energy Solution (SES), signed a corporate power purchase agreement with Fengmiao I in December 2024.
This marks a first for Taiwan in which a parent company and its subsidiary jointly procure offshore wind energy, advancing renewable energy adoption.
