Copenhagen Infrastructure Partners is to sell minority stakes in the Changfang and Xidao offshore wind farms in Taiwan to two local life insurance companies.
CIP said Taiwan Life Insurance and TransGlobe Life will co-invest in the projects through a jointly established holding company.
The majority owner in the wind farms will remain CIP through its Copenhagen Infrastructure-II and III funds, leading the projects to financial close and through construction.
CIP partner Michael Hannibal said: “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.”
Changfang and Xidao will have a combined capacity of 600MW and will be located 13-15km off the coast of Changhua County.
CIP said it has received all key permits and has signed a power purchase agreement with Taiwan Power Company.
Changfang and Xidao are currently being developed towards financial close, it added.
Taiwan Life Insurance is a wholly-owned subsidiary of CTBC Financial Holding Company.