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Yunlin reaches financial close

By: Tom Russell 30/05/2019 wpd

Corporate General Windfarms

The developers of the Yunlin offshore wind farm project reached financial close for the project today (30 May 2019). It is one of the largest offshore wind related transactions financed in the Asia Pacific region, located eight kilometres off the Taiwanese west coast in the Taiwan strait.

The Yunlin project will consist of 80 Siemens Gamesa SG 8.0-167 DD turbines, each with an 8 MW capacity. The start of offshore construction works for Yunlin is scheduled for March 2020, with project completion expected by the end of 2021. With a total capacity of 640 MW, the project is one of largest offshore wind farms being developed in Taiwan.

wpd AG (wpd) developed the project for several years and received the tariff award by the Taiwanese Government in April 2018. The Yunlin project is 73% owned by wpd and 27% owned by a Sojitz Corp led consortium. Apart from Sojitz, other members of the Sojitz consortium include: The Chugoku Electric Power Co. Inc., Chudenko Corporation, Shikoku Electric Power Co., Inc. and JXTG Nippon Oil & Energy Corporation.

A financing group comprising nineteen banks and three export credit agencies from Denmark (EKF), Germany (Euler Hermes) and the Netherlands (Atradius) has closed this NT$ 94 bn (EUR 2.7 bn) project financing. The bank financing group is made of four Taiwanese banks (Cathay United Bank, CTBC Bank, E-Sun Commercial Bank, Taipei Fubon Commercial Bank) and fifteen international banks (BNP Paribas, Commerzbank, Crédit Agricole Corporate and Investment Bank, DBS Bank, Deutsche Bank, ING Bank, KfW-IPEX Bank, Mizuho Bank, MUFG Bank, Natixis, OCBC, Siemens Bank, Société Générale, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation).

SMBC acted as Financial Advisor and E-Sun as the local Financial Advisor for the project debt financing. Blanke Meier Evers (supply agreements, equity and debt financing) and Linklaters (debt financing) have acted as legal advisors to wpd.

Achim Berge Olsen, COO of wpd, comments: “By achieving this important step we now can concentrate on the realization of the project. We are looking forward to the cooperation with our partners and of course we are aware of the special responsibility being the first large offshore wind project with local supply chain in Taiwan. We are proud of paving the way for future renewable energy projects in Asia.”

wpd stated that the Taiwanese market plays a fundamental role in its global growth strategy. It has also been awarded the Guanyin offshore wind project (350 MW), which is planned for realisation in 2021.

Taiwan holds strong potential for renewable energies, with its positive government outlook. After deciding to phase out nuclear power by 2025 – with nuclear energy accounting for some 40% of power generation in the past – the Taiwanese government aims to make up for the resulting shortfall by expanding renewable energies, especially offshore wind power. The government aims to install 5.5 GW of offshore wind power by 2025.

For more information on the Taiwanese offshore wind market, click here. Alternatively, you can view projects worldwide on 4C Offshore's interactive map.

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Yunlin reaches financial close

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