In the Taiwan Strait, a majestic array of 303 wind turbines now stands tall. Amid global headwinds facing the offshore wind industry due to inflation and rising interest rates, Taiwan reached a major milestone with the completion of the Changfang-Xidao Offshore Wind Farm. The project, led by Copenhagen Infrastructure Partners (CIP), held a completion ceremony to mark this significant achievement.
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Vestas is to acquire a 25% stake in Copenhagen Infrastructure Partners (CIP) for €500m.
The interest will be in the form of an upfront payment of €180m and €320m as an earnout.
Vestas said the aim of the investment is to create value across a wider range of the renewable value chain.
The transaction is expected to be completed in the first quarter of 2021.
CIP said the transaction proceeds will be committed as re-investments into the company and new funds over the years to come to accelerate growth and innovation and increase co-investments.
It said part of the transaction proceeds to create and co-invest into a new Energy Transition Fund, which will be launched in the first half of 2021, to invest in technologies such as power-to-X.