The stake sold was less than 15 percent, a spokesman for CIP told Infrastructure Investor, but declined to provide financial details.
Located roughly 15 kilometres off the coast of Taiwan’s Changhua County, the project comprises two wind farms being developed as one project that is expected to have a total generating capacity of 600MW when completed in 2023.
“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,” CIP partner Michael Hannibal said in a statement.
Taiwan Life and TransGlobe Life will co-invest in the project through a jointly-established holding company. CIP – which invested in the project through CI III, a fund it closed in April 2018 on €3.5 billion and which is nearly fully committed according to CIP’s spokesman, as well as its predecessor CI II – will remain majority owner of the project through its construction phase, according to the statement.
CIP said it has secured all necessary permits and is working towards reaching financial close. Last February, it signed a power purchase agreement with Taiwan Power (Taipower), which, according to local media reports, has a contract term of 20 years.
In addition to the Changfang and Xidao project, CIP is developing a 300MW project, also off the coast of Changhua, in partnership with China Steel Corp and Diamond Generating Asia (DGA), an electronic manufacturing company and subsidiary of Mitsubishi.
The firm was awarded 900MW of grid capacity by Taiwan’s Bureau of Energy in April 2018.