Global Renewable Power Company Limited (GRSC) from Thailand, a wholly owned subsidiary of Global Power Synergy Public Company (GPSC), has entered into an agreement with Copenhagen Infrastructure Partners (CIP) to join the Changfang and Xidao offshore wind farm in Taiwan.
GRSC will acquire a 25% stake in the project with the total investment of approximately USD 500 million. The 25% stake is acquired from CI-II and CI-III, two funds managed by CIP. The 595 MW CFXD project is located 13-15 kilometers west of the Coast of Changhua County. CFXD reached financial close in February 2020. CI-II and CI-III will continue as a joint majority shareholders of the project after the transaction. The CFXD project will be installed in two phases. The first 96 MW phase is expected to achieve first power in 2022 and the second 499 MW phase in 2023. The project has entered into a 20-year Power Purchase Agreement (PPA) with state-owned Taiwan Power Company. The whole project is expected to commence commercial operation in the first quarter of 2024.