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UK export credit agency to provide USD 303m in support of Formosa II

Formosa I Phase II in Taiwan. Image by: ├śrsted A/S.

November 5 (Renewables Now) - The UK’s export credit agency, UK Export Finance (UKEF), will provide a TWD-9.2-billion (USD 303m/EUR 272m) project finance guarantee to support the construction of the 376-MW Formosa II offshore wind project in Taiwanese waters.

UKEF said in a statement that its financial backing of this project is crucial to securing opportunities in the construction of Formosa II for UK companies.

The particular project will be located off the coast of Miaoli County, near the site of the 128-MW Formosa I offshore wind farm. The 47-turbine scheme secured grid connection capacity and the right to sell power under Taiwan’s 20-year feed-in tariff (FiT) programme in April. It is led by Macquarie’s (ASX:MQG) Green Investment Group and Swancor Renewable Energy. JERA Co, a joint venture between Tokyo Electric Power (TYO:9501) and Chubu Electric Power (TYO:9502), agreed to take a 49% stake in the project last month.

UKEF noted that Taiwan is currently developing 5.5 GW of offshore wind projects up to 2025 and hopes to add a further 5 GW up to 2030.

(TWD 10 = USD 0.330/EUR 0.296)

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