Taiwan's Formosa 1 Phase 2 offshore wind project achieves fin close

Source: Ørsted A/S

June 8 (Renewables Now) - The consortium behind the 120-MW Formosa 1 Phase 2 project has secured the needed financing for the development and construction of the offshore wind park in Taiwanese waters.

Denmark’s Ørsted A/S (CPH:ORSTED), which has a 35% stake in the scheme, said today that a group of banks and Denmark’s export credit agency EKF have concluded a TWD-18.7-billion (USD 626m/EUR 532m) project financing transaction. This is the maiden project financing in the Taiwanese offshore wind industry, Ørsted noted.

The group of local and international lenders includes Cathay United Bank, BNP Paribas, Credit Agricole Corporate and Investment Bank, MUFJ Bank and Societe Generale, among others.

Formosa 1 Phase 2 is owned by Formosa Wind Power Co, which in turn is a partnership between Australia’s Macquarie Group Ltd (ASX:MQG) with a 50% stake, Ørsted and Swancor Renewable Energy Co Ltd. The first phase of the Formosa 1 wind project comprises two 4-MW demonstration turbines and has been operational since April 2017. The newly-secured transaction also includes the refinancing of Phase I.

Phase 2 will use 20 SWT-6.0-154 turbines manufactured by Siemens Gamesa Renewable Energy SA (BME:SGRE). Construction of the wind park off the coast of Chunan Town, Miaoli County, should start next year, according to the announcement.

(TWD 10 = USD 0.335/EUR 0.284)

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