Changfang-Xidao

In February 2020, Copenhagen Infrastructure Partners (CIP), through its funds Copenhagen Infrastructure II (CI-II) and Copenhagen Infrastructure III (CI-III), agreed to sell a minority stake in the 595 MW Changfang and Xidao (CFXD) offshore wind farm to a consortium of Taiwan Life Insurance (a wholly-owned subsidiary of CTBC Financial Holding Company) and TransGlobe Life Insurance. Taiwan Life and TransGlobe Life co-invested through a jointly established holding company. This was the first direct investment by Taiwanese life insurance companies in a domestic offshore wind project — a landmark for Taiwan's offshore wind capital market. The announcement coincided with the project's financial close: CIP raised a USD 3 billion (NT$90 billion) project financing facility from a consortium of banks and ECAs in February 2020. The exact percentage of the stake sold to the insurers was not publicly disclosed; multiple sources describe it as a "minority" stake. Combined post-transaction structure: CI-II + CI-III majority (~62.5%), Taiwan Life + TransGlobe (minority, percentage undisclosed), and later GPSC 25% (see next record). Data confidence: LOW — stake percentage and deal value both undisclosed.

On 14 July 2021, Global Renewable Power Company Limited (GRSC), a wholly-owned subsidiary of Global Power Synergy Public Company Limited (GPSC, a Thailand PTT Group energy company), entered into a share purchase agreement with CIP (via CI-II and CI-III funds) to acquire 25% of the 595 MW Changfang-Xidao offshore wind farm. The transaction completed on 26 September 2022, making GPSC the latest institutional investor in CFXD. The total investment commitment (equity + debt funded capex for 25% share) was approximately USD 500 million through project completion. Note that "approximately USD 500 million" is the total capital commitment, not the equity transfer price — it includes GPSC's share of project construction costs. Post-transaction: CIP (CI-II + CI-III) ~62.5%, GPSC 25%, Taiwan Life + TransGlobe (remaining minority ~12.5%). White & Case advised CIP on the divestment. Linklaters advised GPSC on the acquisition. Net renewable energy capacity addition for GPSC: 149 MW (25% of 595 MW). Data confidence: MEDIUM — stake percentage confirmed; deal value as total commitment (USD 500m) includes capex; equity stub value not disclosed separately.