Danish investment fund EIFO has provided a €150m (DKK 1.119bn) project financing guarantee for the Fengmiao 1 offshore wind farm in Taiwan.
Copenhagen Infrastructure Partners is developing the wind farm, which will have a capacity of 495MW.
Vestas will supply 33 V236-15MW turbines for the project, and Semco Maritime is participating in a joint venture for the park’s offshore substation.
EIFO says it has been involved in financing more than 30% of the world’s installed offshore wind capacity, excluding China.
The Fengmiao 1 financing comes shortly after EIFO announced DKK 1bn (circa €134m) for Orsted’s Greater Changhua 4 offshore wind project in Taiwan.
EIFO chief commercial officer Peter Boeskov said: “This financing agreement aligns very well with EIFO’s strategy to support effective green energy projects and strengthen Danish exports.
“We are very pleased to once again contribute to financing a wind farm in Taiwan, where Danish players such as Vestas and Semco Maritime play a key role.”
Senior vice-president, COO Renewables at Semco Maritime Frank Holm said: “We are pleased to bring our competencies in play and contribute to the exciting Fengmiao project and the continued development of the offshore wind industry in Taiwan.
“At the same time, we are looking forward to strengthening ties with EIFO, Copenhagen Infrastructure Partners and Vestas as well as other good partners who we look forward to cooperating with.”
CIP is developing the Fengmiao 1 project, which has secured a total project financing of approximately NTD$103bn (US$3.1bn) from 27 international and Taiwanese banks.
CIP has entered into power purchase agreements with six major companies in Taiwan that will purchase the electricity produced by Fengmiao 1.
Construction of the wind farm is expected to be completed by the end of 2027.
President of Vestas APAC region Purvin Patel said: “We are very pleased to expand our long-standing collaboration with EIFO and this project underlines how they can play a key role in moving the global energy transition forward.”