UK Export Finance provides Greater Changhua 1 guarantee

In: Windfarms
UK Export Finance (UKEF), the UK’s export credit agency, is providing a £200 million buyer credit guarantee to help finance the Greater Changhua 1 offshore wind farm in Taiwan. UKEF has now provided £500 million of financing for three offshore wind projects in Taiwan alone since late 2019.

Two UK renewable energy companies, Seajacks and Trelleborg’s applied technologies operation in the UK, have already capitalised on UKEF’s support by winning export contracts with Ørsted, the company leading the development of the wind farm.

Seajacks, an East Anglia-based company, will ship the material needed to install the turbines and Trelleborg’s applied technologies operation in the North West will provide protection systems for the cables which connect the turbines to the mainland.

Liz Truss, International Trade Secretary, said: "Harnessing the power of renewable energy is a vital part of our plan to build back greener from the pandemic. By supporting projects like these we can help the UK lead the world in green growth and drive an exports-led, jobs-led recovery from Covid here at home."

Sebastian Brooke, Seajacks COO, said: "This contract is an important milestone for Seajacks. This is the second major UKEF-backed project we have supplied to in Taiwan, and we are proud that British vessels will be installing these offshore turbines that will help power Taiwan’s green energy revolution."

Richard Beesley, Business Development Director at Trelleborg’s applied technologies operation, UK, said: "UKEF involvement on this project has helped us to further grow our renewable energy business here in the UK. This contract award is a significant achievement, in a market we recognise is crucial for future energy needs."

Greater Changhua 1 project has a capacity of 605 MW, powering more than 650,000 households. It is located between 35 and 60 kilometres off the west coast of Changhua County, and will consist of 75 Siemens Gamesa SG 8.0-67 DD offshore wind turbines, each with a capacity of 8 MW.

For more information on offshore wind farms worldwide, click here.

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