A consortium of 20 banks has signed a $1.6bn (NTD 45bn) project financing agreement for the 295MW Zhong Neng I Zhong Neng I (295MW) Offshoreoff Changhua, Taiwan, Asia-Pacific Click to see full details offshore wind farm.
The project – being developed by a joint venture between Copenhagen Infrastructure Partners (CIP) (49%) and China Steel Corporation (CSC) (51%) – is planned for a site in the Taiwan Strait off Changhua County.
It will be financed through a combination of equity from CIP’s Copenhagen Infrastructure IV fund and CSC, alongside the bank loans. Financial close is expected shortly, paving the way for construction to start.
“CIP is very pleased to have reached this important project milestone in close collaboration and partnership with our joint venture partner, CSC. 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 Michael Hannibal, partner in CIP.
The project site lies beside that of CIP’s under-construction 95MW Changfang Phase 1 Changfang Phase 1 (95MW) Offshoreoff Changhua, Taiwan, Asia-Pacific Click to see full details, 446.5MW Changfang Phase 2 Changfang Phase 2 (446.5MW) Offshoreoff Changhua, Taiwan, Asia-Pacific Click to see full details and 47.5MW Xidao Xidao (47.5MW) Offshoreoff Changhua, Taiwan, Asia-Pacific Click to see full details wind farms. CSC and CIP will take Zhong Neng through its construction phase, with commercial operations expected to start in 2025.
Jacket foundations will be supplied by CSC’s subsidiary, Sing Da Marine Structures, while Vestas will supply 31 of its V174-9.6 MW turbines. The project benefits from a 20-year PPA with the state-owned Taiwan Power Company, signed in 2019.