US$ 238 million credit guarantee to support construction of 495 MW Fengmiao 1 offshore wind farm

UK Export Finance (UKEF) has provided a US$ 184 million (US$ 238 million) credit guarantee to support the construction of the 495 MW Fengmiao 1 offshore wind farm in Taiwan.

This initiative secures GBP 55 million (US$ 71 million) in manufacturing and service contracts for British suppliers, bolstering local employment and economic growth. Cadeler, a company with operations based in East Anglia, will supply an installation vessel, along with crew, sea-fastening services, and crane operators for the project. This support is part of a broader US$3.7 billion financing package by Copenhagen Infrastructure Partners (CIP), involving export credit agencies from Denmark, the Netherlands, Poland, Belgium, and Taiwan.

Located off the west coast of Taichung City, the Fengmiao 1 project is expected to be completed in 2027. Once operational, it will contribute to significant reductions in greenhouse gas emissions, equivalent to removing approximately a quarter of a million cars from the road annually.