wpd achieves financial close for Taiwanese windfarm

The 640-MW Yunlin offshore wind project, the largest offshore wind transaction financed in the Asia Pacific region, and the first large multi-megawatt offshore wind project in Taiwan, reached financial close on 30 May 2019.

The Yunlin project will be built 8 km off the Taiwanese west coast and will consist of 80 turbines, each of 8 MW. Project completion is scheduled in December 2021.

wpd AG developed the project and received a tariff award from the Taiwanese Government in April 2018. The Yunlin project is 73% owned by wpd and 27% owned by a Sojitz Corp led consortium. Apart from Sojitz, other members of the Sojitz consortium include Chugoku Electric Power Co, Chudenko Corporation, Shikoku Electric Power Co Inc and JXTG Nippon Oil & Energy Corporation.

A group of 19 banks and three export credit agencies from Denmark, Germany and the Netherlands closed the €2.7Bn (US$3Bn) project financing. The bank financing group is made of four Taiwanese banks and 15 international banks.

Wpd chief operating officer Achim Berge Olsen said, “By achieving this important step we now can concentrate on the realisation of the project. We are looking forward to the co-operation with our partners and of course we are aware of the special responsibility being the first large offshore wind project with local supply chain in Taiwan. We are proud of paving the way for future renewable energy projects in Asia.”

Following its selection as preferred supplier in May 2018, Siemens Gamesa Renewable Energy has received a firm order from wpd offshore to supply the SG 8.0-167 DD offshore wind turbines for the project.

This first firm order in Asia Pacific region for the SG 8.0-167 DD also includes a 15-year long-term service agreement. Construction is expected to start in 2019, with turbine installation beginning in 2020.