4C is now TGS

We are excited to announce a significant milestone in 4C Offshore's journey. Our integration into the TGS family marks the beginning of a new era in offshore wind market intelligence.

Learn what this means for you!

Ørsted reach financial closure in Taiwan

By: Matthew White 08/06/2018 Ørsted

General Windfarms

Ørsted's Formosa 1 Phase II reached financial close on the 8th of June 2018. A financial consortium of eleven international and local Taiwanese banks as well as EKF, Denmark’s Export Credit Agency have completed this 16-year project financing. It is the first project financing in the Taiwanese offshore wind industry.

For Formosa 1, long-term project financing will be utilised to fund the development, construction, commissioning, testing and operation of phase II and refinance the existing phase I facilities of the project. The offshore wind farm is situated 2-6 km from the Miaoli coast in North-Western Taiwan. Phase II, to be constructed in 2019, will add an extra 120MW of capacity through 20 6MW offshore wind turbines for a total capacity of 128MW.

The financial consortium comprises four local Taiwanese banks: Cathay United Bank, Taipei Fubon Commercial Bank, EnTie Commercial Bank, and KGI Bank.

Furthermore, seven international banks have participated: ANZ Banking Group, BNP Paribas, Crédit Agricole Corporate and Investment Bank, DBS Bank, ING Bank, MUFJ Bank and Société Générale. It is also the first participation of EKF in a project financing in Taiwan.

The project financing for Formosa 1 has also enabled the local financial community to prepare for future investments in large-scale offshore wind projects in Taiwan.

Matthias Bausenwein, Ørsted’s General Manager for Asia Pacific, said “We are glad to see that this important project milestone has been achieved now. Ørsted’s strong track record and professional experience have contributed to the project financing success and we will continue with solid support throughout the construction of Formosa 1’s second phase."

Ørsted has shared its experience in financing offshore wind with its partners and local financial communities during the project financing process. It has supported or led the development of many aspects of Formosa 1 Phase II such as project financing, technical design, procurement, health and safety, project quality management plans, construction, and operations and maintenance planning.

Formosa 1 is a joint venture between Ørsted (35% ownership), Taiwanese developer Swancor Renewable (15%), and Macquarie Capital (50%). The first phase of the project has been operational since April 2017 and consists of two 4MW offshore wind turbines.

For more information follow the links provided.

Premium

4C Offshore Premium, our most popular subscription, gives you full access to use the 4C Offshore WebApp which includes exclusive offshore wind, transmission and vessel reports, news and downloads.

Request a 30 minute Demo

Ørsted reach financial closure in Taiwan

Back to News

Trending News!