Financing announced for 1.02 GW Offshore Wind Project in Taiwan
UK Export Finance (UKEF) has agreed to support the 1 GW Hai Long offshore wind project in Changhua region, Taiwan with its largest-ever project financing guarantee for renewables, securing over GBP 130 million (USD 159 million).
With a guarantee of GBP380 million (USD 465 million), UKEF contributes to a comprehensive project financing package exceeding GBP3 billion (USD 3.6 billion), spearheaded by over 15 lenders for the Hai Long project. Mitsui & Co., Ltd. of Japan and Northland Power of Canada lead the project's development.
UKEF, among seven export credit agencies backing this financing, issued the guarantee through its Buyer Credit facility. This support is contingent on the Hai Long project sourcing from the UK supply chain, creating new export opportunities for British manufacturers.
The project is developed in two phases Hai Long 2A (294 MW) and Hai Long 2B and 3 (728 MW). Anticipated to power more than one million households upon completion, the 1 GW facility aligns with UKEF's commitment to expanding its portfolio of renewable energy projects, actively contributing to global endeavors to achieve net-zero emissions.
