Copenhagen Infrastructure Partners ( CIP ), through its Copenhagen Infrastructure V fund, has divested its 10% stake in the 495-megawatt Fengmiao 1 offshore wind farm, located off the coast of Taichung county in Taiwan, to Mitsui O.S.K. Lines ( MOL ), a Japanese shipping company with global operations.

The project is financed through a combination of equity and senior loans from a consortium of 27 international and Taiwanese banks and financial institutions, with partial guarantees from four export credit agencies and Taiwan’s National Credit Guarantee Administration.

The transaction is subject to customary closing conditions, including filing for foreign investment approval and filings with the Taiwanese Ministry of Economic Affairs. Global law firm White & Case advised on the transaction, with its deal team led by partners Christopher Kelly ( Hong Kong ) and Fergus Smith ( Singapore ).

“This strategic transaction highlights the high level of international investor confidence in Taiwan’s renewable energy market and demonstrates the region’s continued strength as a key hub for offshore wind development in Asia,” Kelly says. “The successful divestment underscores the value created by CIP during the development phase and recognizes its strong track record in delivering world-class offshore wind projects in Taiwan.”

Smith adds: “CIP’s ability to execute this important equity sell down for Fengmiao 1 in the current challenging market conditions affirms the continuing strength and attractiveness of the Asia offshore wind sector.”