4C is now TGS

We are excited to announce a significant milestone in 4C Offshore's journey. Our integration into the TGS family marks the beginning of a new era in offshore wind market intelligence.

Learn what this means for you!

ChangFang and Xidao get new investors

By: Tom Russell 20/02/2020 Copenhagen Infrastructure Partners

General Windfarms

Copenhagen Infrastructure Partners (CIP), through the fund CI-II and CI-III, has announced the divestment of a minority stake in ChangFang and Xidao offshore wind projects to life insurance companies Taiwan Life Insurance and TransGlobe Life. The two companies will co-invest through a jointly established holding company.

CI-II and CI-III will continue as owners in the project, leading the development to Financial Close and through construction phase.

“This transaction is a significant milestone as it is the first of its kind to enable local life insurance companies to make a direct investment in a Taiwanese offshore wind farm,” said Michael Hannibal, Partner at CIP.

The Changfang and Xidao offshore wind farms are located approximately 15 kilometers off the coast of Changhua County, Taiwan. The two projects combined are expected to have a capacity of around 600 MW. The project has received all key permits and signed a power purchase with Taiwan Power Company in February 2019. The project is currently being developed towards Financial Close. Engineering and pre-construction works commenced recently and the project is scheduled to be executed in the period 2021-2023.

Taiwan is a hot bed of activity for offshore wind development. The government plans to phase out nuclear power by 2025 - with nuclear energy accounting for some 40% of power generation in the past - and aims to source 20% of total energy output using green energy by 2025. This includes 5.7 GW of offshore wind power.

In October 2019, Taiwan's the first commercial-scale offshore wind farm, the Formosa 1 Phase 2 finished installation work on all 20 turbines. The total power generation capacity for both phases is 128 MW, which is expected to meet the power demand of 128,000 households in Taiwan.

For more information on the Taiwanese offshore wind market overall, click here. You can also view projects worldwide on 4C Offshore's Interactive map.

Premium

4C Offshore Premium, our most popular subscription, gives you full access to use the 4C Offshore WebApp which includes exclusive offshore wind, transmission and vessel reports, news and downloads.

Request a 30 minute Demo

ChangFang and Xidao get new investors

Back to News

Trending News!