2019.07.22
The Yunlin OWF Project: Financial Close of the Largest Offshore Wind Farm Project in APAC
The Yunlin Offshore Wind Farm Project, with a total investment of NTD 94 billion, successfully reached financial close by the end of May. It remains the largest offshore wind farm project financing in the APAC region to date.
Developed by Yunneng Wind Power Co., Ltd. (Yunneng), the Yunlin offshore wind farm (OWF) project, with total investment of NTD 94 billion, has reached financial close by the end of May. Today bankers, co-investors and suppliers gathering in Taipei to celebrate.
The project is by far the largest offshore wind project finance. A financing group comprising five co-investors from Japanese energy sector, three export credit agencies and a total of nineteen banks from Taiwan, Germany, Denmark, the Netherlands, France, UK, Japan and Singapore. The total financing amount of the four local banks, including CTBC, CUB, E.Sun and Fubon, is about NTD 17 billion, accounting for 24% of the project, and it also create a new high for domestic offshore wind power financing.
The opening speech of the Secretary General of the Ministry of Economic Affairs, Chen Yiling, pointed out that the Yunlin OWF is the first large-scale project finance of offshore wind power in Taiwan. Four domestic banks participated in the project finance as well. Local banks and supply chain are now participating in the development and construction stage, representing their confidence in Taiwan's offshore wind power development; offshore wind power industry has taken root in Taiwan. Chen also called for the hope that the financial sector will continue to give industry support in the future, and the team led by the Bureau of Standard, Metrology and Inspection will continue to assist local banks in project financing. Let the offshore wind power industry flourish in Taiwan and build Taiwan into a pioneer in offshore wind power in APAC.
Representative of the Federal Republic of Germany, Dr. Thomas Prinz, said that since the German government signed a memorandum of understanding on energy transition with Taiwan at the end of 2016, offshore wind power has always been a very important field. The Yunlin OWF project is exactly the results of cooperation between supply chains and investments from Germany and other countries.
Suppliers including SGRE, GE, Fortune, Formosa Heavy Industry, CTCI, Sinotech, Pan Formosa, Seaway Offshore Cables, Honghun and Reiju also attend the press conference to show their support.
The Speaker of the Yunlin County Council, Zonglong Shen, also specially attended the ceremony and expressed his appreciation for Yunneng’s dedication. Several important locals include Deputy Speaker of Yunlin County Council, Chief of Sihu Township, and former legislator Jiajun Chang also attend.
Dr. Gernot Blanke, representative of Yunneng, said that the Yunlin OWF project will start commissioning next year. The project was selected by the MoEA last April and can be completed in just two and half years, proving that the Yunneng team is highly professional. Dr. Gernot Blanke further pointed out that the political will and administrative efficiency of the government have been internationally recognized.
Contact for Journalists:
Lars Muck
Project Director – Yunlin OWF
press@owf-yunlin.tw
