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Wpd achieves fin close for 640-MW Taiwanese offshore wind project

Siemens Gamesa's SG 8.0-167 DD offshore wind turbine. Image source: Ørsted

May 31 (Renewables Now) - Germany’s Wpd AG has reached financial close for the 640-MW Yunlin offshore wind project in Taiwanese waters, the company announced on Thursday.

Wpd and the other shareholders have secured TWD 94 billion (USD 2.97bn/EUR 2.67bn) in financing for the project 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.

Wpd 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. Together, they bought a 27% stake in Yunlin from Wpd in April 2019.

A year earlier, Wpd was awarded 1 GW of grid connection capacity in Taiwan for the Yunlin and Guanyin offshore projects. The Bremen-based company expects to complete Yunlin in December 2021. The wind farm will comprise 80 Siemens Gamesa turbines installed about 8 km off the Taiwanese west coast.

(TWD 10 = USD 0.316/EUR 0.284)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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