Equis’ USD 2.5bn debt raise for its Anma Island offshore wind farm in South Korea is in limbo as Copenhagen Infrastructure Partners (CIP) wavers over an equity commitment, two sources familiar with the deal said.

In recent weeks, the incoming partner has been considering withdrawing its investment pledge for the USD 3.3bn project as macroeconomic uncertainties weigh on valuation talks, a third source familiar said.

Danish manager CIP, advised by Green Giraffe, had intended to pick up a majority stake in the 532 MW pre-construction wind project, a fourth source familiar said.

The equity sale was expected to conclude before Anma reached financial close, slated for 1Q26, the sources said. CIP was onboarded as an investor late last year but it had sought to renegotiate project terms on pricing and costs, sources previously said.

Potential lenders have yet to receive formal notices communicating the project’s latest financing arrangements, said two of the sources.

Discussions for both the equity and debt processes remain ongoing, one of the sources said. Rothschild is advising the equity process. HSBC and KDB are co-arranging the debt financing.

About 20 banks are expected to lend to the debt package; export credit agencies are estimated to provide over 40% of the capital, as reported.

An additional permitting step from the government’s defence ministry emerged late last year, threatening to derail the project, sources previously said.

Anma, which is situated within a military drill zone, has since resolved the permitting issue, one of the sources said.

However, given the security concerns, observers predict that a domestic company could take the lead on investment, instead of a foreign one, according to a local media report.

In addition, SK Oceanplant and CS Wind have recently suspended supply contracts, raising more speculation around the project’s certainty, the report shows.

As of end-2025, Anma was held by Equis (78.09%), Hoban Industries (6.64%), Korea Development Bank (6.13%), CS Wind (4.38%), Daemyung Energy (4.11%), and Daemyung GEC (0.65%), according to the report.

Construction of the project, located 40km west of the South Korea’s southwestern coastline, is due to start by 1Q 2029, its website shows.

Anma was granted a 20-year fixed-price offtake with KEPCO subsidiaries in the 2024 wind auction. Siemens Gamesa plans to supply 14 MW turbines.

Green Giraffe, Rothschild, CIP and HSBC declined to comment. Anma, Equis and KDB did not respond to requests for comment.

[Editor’s note: The article has been updated post-publication to note that CIP declined to comment.]