April 2 (Renewables Now) - Deutsche Bank (ETR:DBK) has closed a deal contingent interest rate swap on TWD 90 billion (USD 2.98bn/EUR 2.72bn) of project finance for the 589-MW Changfang and Xidao wind project off Taiwan’s Changhua County.
Financial close on the huge project was achieved at the end of February. The scheme is majority-owned by Danish fund management company Copenhagen Infrastructure Partners (CIP), which is partnering with local life insurance companies Taiwan Life Insurance and TransGlobe Life Insurance.
Deutsche Bank said on Wednesday it is the sole pre-hedging and hedging coordinator for the deal contingent hedge. The bank is among the consortium of 25 lenders that provided almost USD 3 billion (EUR 2.74bn) in debt financing for the project.
To be located about 15 km off the coast of Changhua County, the wind power complex will use 62 V174-9.5 MW turbines by MHI Vestas Offshore Wind. The capacity will be installed in several phases, with full commissioning targeted in the first quarter of 2024. Construction of the first 10 turbines totalling 95 MW will take place in 2022.
The wind parks forming the complex will operate under a 20-year power purchase agreement (PPA) with state-owned Taiwan Power Co.
(TWD 10 = USD 0.331/EUR 0.303)
(USD 1.0 = EUR 0.914)