Taiwan

Taiwan

Wpd reaches financial close for Taiwan site

Wpd has reached financial close for the 640MW Yunlin wind farm it is developing off the west coast of Taiwan.

Yunlin is due to be built eight kilometres off the west coast of Taiwan (pic credit: Toby Oxborrow)
Yunlin is due to be built eight kilometres off the west coast of Taiwan (pic credit: Toby Oxborrow)

It secured debt financing for the 80-turbine site from a consortium of 19 banks and three export credit agencies, bringing the project to financial close.

The developer had secured equity funding for the project by agreeing to sell a 27% stake to a Japanese consortium earlier this year.

Wpd plans to commission the project, which will consist of 80 Siemens Gamesa SG-8.0-167 DD turbines, in December 2021.

Board member Achim Berge Olsen said: "By securing the financing, we can now concentrate fully on the implementation of the project.

"We look forward to working with our partners and recognise our special responsibility to be the first major offshore project in Taiwan to pave the way for further projects in Asia with our local supply chain."

A consortium of 19 banks and three export credit agencies from Denmark (EKF), Germany (Euler Hermes) and the Netherlands (Atradius), provide TWD 94 billion (€2.7 billion) of debt financing.

Four Taiwanese banks (Cathay United Bank, CTBC Bank, E.Sun Bank and Taipei Fubon Commercial Bank) and 15 international banks (BNP Paribas, Commerzbank, Crédit Agricole Corporate and Investment Bank, DBS Bank, Deutsche Bank, ING Bank, KfW-Ipex Bank, Mizuho Bank, MUFG Bank, Natixis, OCBC, Siemens Bank, Société Générale, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation) complete the consortium.

Debt financing follows the buy-in of a Japanese consortium led by general trading company Sojitz Corporation in April. The other consortium members are utilities Chugoko Electric Power Co and Shikoku Electric Power Co, construction company Chudenko Corporation ,and petroleum firm JXTG Nippon Oil and Energy Corporation.

Wpd was allocated grid capacity for Yunlin in April 2018, and has since signed a power purchase agreement with Taiwanese utility Taipower.

The project will be commissioned in two phases: the first 40 turbines in 2020, followed by the remainder in 2021.

Offshore construction work is due to start in March 2020.

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