Copenhagen Infrastructure Partners (CIP), through the fund CI-II and CI-III, is pleased to announce the divestment of a minority stake in the offshore wind project Changfang and Xidao to the life insurance companies Taiwan Life Insurance and TransGlobe Life
Taiwan Life and TransGlobe Life acquire stake in CIP’s Taiwanese offshore wind project (Credit: Pixabay/Norbert Pietsch.)
CIP, through the fund Copenhagen Infrastructure II K/S (CI-II) and Copenhagen Infrastructure III K/S (CIIII), is pleased to announce that it has entered into an agreement to sell a minority stake of shares in the offshore wind project Changfang and Xidao to the life insurance companies Taiwan Life, wholly owned
subsidiary of CTBC Financial Holding Company, and TransGlobe Life. Taiwan Life and TransGlobe Life 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,” says Michael Hannibal, Partner at CIP.
Located 13-15 km off the coast of Changhua County in Taiwan, the Changfang and Xidao site has an expected capacity of 600MW. The project has received all key permits as well as signed a PPA with Taiwan Power Company in February 2019 and is currently being developed towards Financial Close.
Source: Company Press Release