Taiwan Life and TransGlobe Life acquire stake in CIP’s 600 MW Taiwanese offshore wind project Changfang and Xidao

Copenhagen Infrastructure Partners (CIP), through the fund CI-II and CI-III, is pleased to announce the divestment of a minority stake in the offshore wind project Changfang and Xidao to the life insurance companies Taiwan Life Insurance and TransGlobe Life who will co-invest through a jointly established holding company. CI-II and CI-III will remain majority owner of the project and
lead its further development.

CIP, through the fund Copenhagen Infrastructure II K/S (CI-II) and Copenhagen Infrastructure III K/S (CIIII), is pleased to announce that it has entered into an agreement to sell a minority stake of shares in the offshore wind project Changfang and Xidao to the life insurance companies Taiwan Life, wholly owned
subsidiary of CTBC Financial Holding Company, and TransGlobe Life. Taiwan Life and TransGlobe Life will co-invest through a jointly established holding company. CI-II and CI-III will continue as owners in the project, leading the development to Financial Close and through construction phase.

“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,” says Michael Hannibal, Partner at CIP.

Located 13-15 km off the coast of Changhua County in Taiwan, the Changfang and Xidao site has an expected capacity of 600MW. The project has received all key permits as well as signed a PPA with Taiwan Power Company in February 2019 and is currently being developed towards Financial Close.

About Taiwan Life
Taiwan Life Insurance (TWL), established in 1947, was the first life insurance company in Taiwan. Connecting deeply with the local community, TWL started off by offering a comprehensive range of insurance services and paid continual attention to market changes to develop flexible, creative product
strategies that help improve company performance and provide a comprehensive protective network that ensures the health, wealth, and safety of the insured. TWL joined CTBC Holding Group in 2016, and is now among the top 5 life insurance companies in terms of total assets and net profit.

About TransGlobe Life
TransGlobe Life Insurance (TGL) has been in the Taiwan market for 25 year, and is the eighth largest insurance company in Taiwan. TGL is best known for its professional agency force and top-notch customer service, and has yielded brilliant results to become one of the first to create successful multiple
distribution channels in the Taiwan life insurance industry. TGL is committed to helping its customers fulfill their life and retirement dreams with the goal of becoming the industry benchmark for professional services within Taiwan’s insurance sector.

About Copenhagen Infrastructure Partners

Copenhagen Infrastructure Partners P/S (CIP) is a fund management company focused on energy infrastructure including offshore wind, onshore wind, solar PV, biomass and energy-from-waste, transmission and distribution, and other energy assets like reserve capacity and storage. CIP has approximately 110 employees and offices in Copenhagen, Taipei, New York, Tokyo, Utrecht, and London.

CIP manages six funds and has more than EUR 8 bn under management. CI I, CI A I and CI A II have PensionDanmark as founding- and sole investor. CI II has 19 Danish and international institutional investors and CI III has 42 institutional investors from the Nordics, Continental Europe, the UK, Israel, Asia, Australia, and multi-lateral organizations e.g. EIB. CI NMF I has 15 investors from the Nordics and Continental Europe.

CIP was founded in 2012 by senior executives from the energy industry in cooperation with Pension Denmark.