UKEF providing support to offshore wind farm in Taiwan

UK Export Finance (UKEF), the UK’s export credit agency, has announced its support for UK businesses supplying a large-scale wind farm off the coast of Taiwan. UKEF will provide TWD 9.2 billion of (USD 302 million) project finance guarantee for the construction of 376 MW Formosa 2 offshore wind farm in the Taiwan Strait.

The Formosa 2 wind farm project is led by Macquarie’s Green Investment Group and Swancor Renewable Energy, and involves the construction of 47 new turbines generating 376 megawatts of green energy, forming part of the Taiwanese authorities’ target of generating 20% of its power from renewable sources by 2025.

As a result of UKEF’s support for this project, UK companies will be involved in the construction of the Formosa 2 offshore wind farm, helping to unlock the export potential of this growing sector of the UK economy.

The Formosa 2 project involves the development of an offshore wind farm off the coast of Miaoli County, western Taiwan, with a generation capacity of 376 MW. The facility features 47 units of the SG8.0-167 DD offshore wind turbine. It is estimated to displace 18,750 kt CO2 over its lifetime while powering the equivalent of 380,000 households annually.

UKEF has provided its support in New Taiwanese Dollars, one of over 60 currencies in which UKEF can offer financing, protecting the buyer from market fluctuations and making sourcing from the UK more attractive.

Louis Taylor, Chief Executive of UK Export Finance said: "The UK is a world leader in the generation of offshore wind energy, and UK Export Finance committed to maximising opportunities for our world-class companies in this sector. By supporting this project, UKEF is making these opportunities a reality in new markets while helping Taiwan reduce its reliance on fossil fuels."