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."
Country news
-
-
September 23, 2019
Van Oord to work on 900 MW offshore wind project in Taiwan
Van Oord has been awarded the contract by Ørsted for the cable installation works at the Greater Changhua 1 & 2a offshore wind farms. The wind farms are located between 35 and 60 kilometres off the west coast of Changhua County, Taiwan. Greater Changhua 1 & 2a offshore wind farms will supply sustainable energy to approximately 1 million households per year.
Read more -
August 27, 2019
Heerema lands wind contract for 900 MW Greater Changhua 1 and 2a in Taiwan
The contract for Heerema is for the Greater Changhua 1 and 2a. The projects are offshore wind facilities with a total power output of 900 MW. The contract scope entails the transport and installation of one hundred eleven turbine foundations as well as the installation of two large offshore substations, essential components of offshore wind farms that run electricity to the mainland.
Read more -
June 25, 2019
Technology provider for 640 MW offshore wind plant in Taiwan
Following its selection as a preferred supplier in May 2018, Siemens Gamesa Renewable Energy (SGRE) has received the firm order by wpd offshore to supply the 640 MW Yunlin offshore wind power plant in Taiwan.
Read more -
June 03, 2019
Financial Close for 640 MW offshore wind project in Taiwan
The 640 MW Yunlin offshore wind farm project, the largest offshore wind transaction financed in Asia Pacific and the first large multi megawatt offshore wind project in Taiwan, reached financial close on May 30th 2019.
Read more -
May 14, 2019
Keppel to build two 600 MW offshore wind farm substations in Taiwan
Keppel Offshore & Marine Ltd's (Keppel O&M) wholly-owned subsidiary Keppel FELS Ltd (Keppel FELS) has secured a contract from Ørsted, a Danish renewable energy company, for two offshore wind farm substations worth more than SGD150 million (US$109.6 million).
Read more
