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Taiwanese offshore windfarm’s financing boost

Helge Rau (wpd): "We are well on track to finalise the overall financing of the project"

A consortium of Japanese companies led by Sojitz Corporation is investing in a 640-MW Taiwanese offshore windfarm being developed by wpd.

Bremen, Germany-based wpd group said the consortium led by the corporation will acquire a 27% interest in the Yunlin offshore windfarm. Other members of the consortium are Chugoku Electric Power Co, Chudenko Corporation, Shikoku Electric Power Co and JXTG Nippon Oil & Energy Corporation.

wpd was awarded 1 GW of grid connection capacity for implementing the Yunlin and Guanyin offshore wind projects in April 2018. The Yunlin project, which will be built 8 km off the coast of Yunlin County, will be the first project and is due to be commissioned in by 2021.

Sojitz Corporation is an investment and trading firm in Japan conducting operations in approximately 50 countries around the world. Chugoku Electric Power Co provides electricity to around 7.4M people. Chudenko Corporation provides a range of engineering services including renewable energy work. JXTG Nippon Oil & Energy Corporation is Japan's largest oil refiner and distributor. Shikoku Electric Power Company is one of 10 major electric utility companies in Japan.

wpd AG head of M&A Helge Rau said, “With the acquisition of the consortium around Sojitz as a co-investor we are achieving another important milestone for the project, securing equity financing for what will be the largest offshore windfarm in Taiwan. We are looking forward to the co-operation with this group of investors and are well on track to finalise the overall financing of the project in due course.”

Debt financing of the project, including well-known Taiwanese as well as international banks and financial institutions, is close to being finalised.

The start of offshore construction works is scheduled for March 2020. Yunlin will be built 8 km off the coast of Taiwan and will have 80 Siemens Gamesa 8 MW turbines.

Source: OwjOnline