Fengmiao I Offshore Wind Farm Reaches Financial Close; Mark Wainwright Appointed CEO of the 495 MW Project

19 March, 2025 – Copenhagen, Denmark and Taipei, Taiwan 

The Fengmiao I offshore wind project in Taiwan has successfully reached financial close through Copenhagen Infrastructure Partners (CIP) fund Copenhagen Infrastructure V (CI V). Copenhagen Offshore Partners (COP), a global leader in offshore wind development and construction, is leading development of Fengmiao I. COP is the exclusive offshore wind development partner to CIP.   

Mark Wainwright, COP Vice President, has been appointed CEO of the 495 MW project and will lead COP and project partners through construction, which is scheduled for 2027, and into operations. He succeeds Joris Hol, who has led Fengmiao I since 2023 through financial close. 

“Reaching project financing for Fengmiao I is a tremendous achievement for our team and a testament to the commitment of our partners,” said Joris Hol, COP Vice President. “It has been an honour to lead this project to financial close and I know the team will be successful to deliver the project safely and in close collaboration with our important stakeholders in Taiwan.” 

Fengmiao I has secured an approximately NTD $ 103 billion (USD 3.1bn) project financing from 27 international and Taiwanese banks. A portion of the project finance debt will be guaranteed by four export credit agencies (ECAs) and Taiwan’s National Credit Guarantee Administration. Fengmiao I is scheduled to complete construction by the end of 2027 and a group of six large local and international corporate offtakers have entered into long-term corporate power purchase agreements with Fengmiao I for its entire capacity.   

Mark Wainwright, CEO of Fengmiao I shared, “As we embark on the construction phase, we do so proudly in the knowledge that we are accelerating Taiwan’s energy transition, advancing toward its goal to install 15 GW of additional offshore wind capacity between 2026 and 2035, and revitalising the communities in which we operate.” 

“Offshore wind is facing headwinds in several markets and therefore reaching financial close for Fengmiao I demonstrates our commitment to delivering offshore wind even in uncertain times,” added Jesper Krarup Holst, Partner and Head of APAC at COP. “Our collaboration with CIP and the supportive landscape in Taiwan – in both the legislature and in the Taiwanese community – reinforce our belief in the massive potential for offshore wind development in the region, and we look forward to delivering this project on time and on budget.” 

Fengmiao I will be COP and CIP’s third offshore wind project to be developed in Taiwan following the successful construction of Changfang & Xidao and Zhongneng. In December 2022, Fengmiao I secured site exclusivity and 500MW grid capacity in Taiwan’s Round 3.1 auction and is the first of Taiwan’s Round 3 projects to reach financial close and the first to start construction. Fengmiao I will be constructed by a group of international and local suppliers, all with track records from previous offshore wind projects in Taiwan. Vestas is the turbine supplier to CIP’s two existing projects and will also supply 33 units of its latest 15MW turbine to Fengmiao I.  

 

About Copenhagen Offshore Partners (COP)
Copenhagen Offshore Partners (COP) is a world leader in offshore wind project origination, development, and construction. COP is accelerating the energy transition through the development of a 50+ GW project portfolio. An industry pioneer, the group is leading project development in new markets, including four projects recently completed or currently under construction – Changfang and Xidao and Zhong Neng in Taiwan, Vineyard Wind 1 in the United States, and Jeonnam 1 in Korea. COP also specializes in system integration capabilities, including power-to-x. COP’s expert team is advancing projects across 18 offices in Europe, Asia Pacific, and the Americas. COP is a proudly independent company owned by its management. Learn more at www.cop.dk  

 

About Copenhagen Infrastructure Partners
Founded in 2012, Copenhagen Infrastructure Partners P/S (CIP) today is the world’s largest dedicated fund manager within greenfield renewable energy investments and a global leader in offshore wind. The funds managed by CIP focus on investments in offshore and onshore wind, solar PV, biomass and energy-from-waste, transmission and distribution, reserve capacity, storage, advanced bioenergy, and Power-to-X. 

CIP manages 12 funds and has to date raised approximately EUR 32 billion for investments in energy and associated infrastructure from more than 180 international institutional investors. CIP has approximately 500 employees and 14 offices around the world. For more information, visit www.cip.com