Hai Long offshore windfarm secures incremental financing, better terms

Jointly developed by Mitsui & Co in Japan, Northland Power in Canada and Gentari in Malaysia, the new financing package for Hai Long is structured within the existing financing framework for the project.

By securing increased financing on more competitive terms, the incremental financing has further optimized the project’s capital structure and strengthened its financial foundation for the completion of construction and long-term operations.

In addition to the continued support of the original seven Export Credit Agencies (ECAs) and the existing lending syndicate, the new financing also attracted participation from the National Credit Guarantee Administration (NCGA) and 17 financial institutions. 

The incremental financing includes six existing lenders that increased their commitments – Taipei Fubon Commercial Bank, The Hongkong and Shanghai Banking Corporation, Crédit Agricole Corporate and Investment Bank, CTBC Bank, DBS Bank, King’s Town Bank – as well as 11 banks participating in the project’s financing structure for the first time.

The new financing comes from a mix of domestic state-owned, commercial and international banks including: Mega International Commercial Bank, Chang Hwa Commercial Bank, The Export-Import Bank, Hua Nan Commercial Bank, Land Bank of Taiwan, Taiwan Business Bank, Taiwan Cooperative Bank, Taichung Commercial Bank, Bank of Panhsin, Entie Commercial Bank, and Société Générale. Overall, the total number of financial institutions supporting the project has increased to 35.

One of the highlights of the financing is the expanded participation of Taiwanese banks, which have joined existing domestic and international financial partners in supporting the project. The developers said the not only demonstrates the financial market’s long-term confidence in the Hai Long project and Taiwan’s energy transition, but also underscores the maturity of Taiwan’s green finance market in attracting diversified capital to major energy infrastructure projects and their commitment to supporting green projects at home.

Hai Long chief executive and project director Tim Kittelhake said, “This financing optimization demonstrates strong collaboration among the government, financial sector, and private enterprises in advancing Taiwan’s energy transition and the development of green finance.

“Together with our industry partners, Hai Long remains committed to delivering the project safely, on schedule, and to the highest quality standards, providing stable and clean electricity while contributing to Taiwan’s energy security, energy resilience, and 2050 net-zero transition."

Located approximately 45-70 km off the coast of Changhua County, the Hai Long project will comprise 73 wind turbines with a total installed capacity exceeding 1 GW. Construction is progressing steadily toward full completion and grid connection by the end of 2026. Once operational, Hai Long will become the largest single offshore windfarm in Asia.