September 24 (Renewables Now) - Taiwan’s Investment Commission approved on Monday a planned investment by Germany’s Wpd AG to build the 640-MW Yunlin offshore wind farm.
The project involves erecting 80 wind turbines about 8 km (4.97 miles) off the Taiwanese west coast. It is expected to be completed in 2021.
The commission has cleared an investment of TWD 14.12 billion (USD 455m/EUR 414m) by Wpd subsidiary Yunlin Holding GmbH, according to an announcement on the commission’s website.
In late May, Wpd announced it had reached financial close after securing TWD 94 billion in financing from 19 banks and three export credit agencies -- EKF of Denmark, Euler Hermes of Germany and Atradius of the Netherlands. Among the lenders are BNP Paribas, Deutsche Bank, Societe Generale and others.
The Bremen-based company co-owns the project with a Japanese group led by trader Sojitz Corporation (TYO:2768). This consortium also includes The Chugoku Electric Power Co Inc (TYO:9504), Chudenko Corporation (TYO:1941), Shikoku Electric Power Co Inc (TYO:9507) and JXTG Nippon Oil & Energy Corporation. It bought a 27% stake in Yunlin from Wpd in April 2019.
(TWD 1.0 = USD 0.322/EUR 0.293)