MOL expands renewable energy portfolio with 10% stake in CI Fengmiao

Tokyo-based Mitsui O.S.K. Lines (MOL) has entered into an agreement to acquire a 10% stake in CI Fengmiao, a move that marks its growing involvement in the offshore wind power sector.

Copenhagen Infrastructure Partners (CIP) is developing the Feng Miao offshore wind farm in Taiwan through CI Fengmiao, which holds 100% of shares in the project.

This strategic investment is expected to provide MOL with valuable insights from the construction phase of the wind power project.

Located approximately 35km off the coast of Taichung County, Taiwan, the Feng Miao I offshore wind farm will boast a generating capacity of 495MW.

This output is sufficient to power around 650,000 households, making a significant contribution to Taiwan’s energy needs.

The project will be equipped with 33 bottom fixed Vestas-15MW turbine units.

The investment by MOL is projected to be around Y25bn ($172.6m), underlining the company’s commitment to renewable energy.

CIP partner and head of Asia-Pacific Thomas Wibe Poulsen said: “We are delighted to welcome MOL as co-investor in Fengmiao – and I am confident that we together will bring a project of the highest standards to commercial operation. The transaction recognises the value created by CIP during the development phase as well as CIP’s strong offshore wind track record in Taiwan.”

Construction of the wind farm commenced in March 2025, simultaneously with the final investment decision, and is expected to be completed by the end of 2027.

Fengmiao I’s funding structure includes a mix of equity investments and senior debt provided by a group of 27 global and local Taiwanese banks and financial entities, with partial backing from four export credit agencies, along with guarantees from Taiwan’s National Credit Guarantee Administration.

The generated green energy will supply a consortium of six major local and international energy consumers in Taiwan, including Google and United Microelectronics Corporation, under long-term power purchase agreements.

MOL’s involvement in the Feng Miao I project follows its previous investment in the Formosa I offshore wind farm, reinforcing its strategy to expand its renewable energy business.

The company plans to dispatch personnel to oversee the project from the construction phase and will also provide vessel support for construction and maintenance operations.