Ocean Energy Resources

GLOBAL NEWS SERVICE FOR THE FOSSIL AND RENEWABLE ENERGY COMMUNITIES

  • HOME
  • ADVERTISE WITH US
  • FREE SUBSCRIPTIONS
    • Digital Newsletter
  • MUST READ ARTICLES
  • CONTACT

Financing Taiwan’s largest wind farm

Monday, November 6 2023

Wind Energy – Taiwan

Deutsche Bank announced on November 2 it has completed a bespoke deal-contingent interest rate hedge and a tailored financing for Hai Long, Taiwan’s largest offshore wind project to date.

Once completed, the wind farm will supply the equivalent of the electricity consumed by more than 1 million households in Taiwan (roughly 10% of its population) annually. Hai Long is expected to play an important role in helping Taiwan achieve its goal of constructing 5.7 GW of offshore wind farms by 2025, and net-zero greenhouse gas emissions by 2050.

Hai Long is a 1.0 gigawatt (GW) offshore wind project developed and owned by Northland Power Inc (Canada) and Mitsui & Co (Japan). This transaction represents the largest offshore wind project financing in the region.

The total project cost is forecasted to be approximately USD 6.5 billion, of which approximately USD 3.6 billion is being raised through project financing with support from ECAs from six different countries, and a number of international and local financial institutions.

The project is Northland’s first offshore wind project in Asia and the fifth in its offshore wind portfolio. Deutsche Bank previously financed the construction of Northland’s first-ever offshore wind farm in The Netherlands. Upon the project’s financial closing, Gentari International Renewables Pte Ltd, a wholly-owned subsidiary of Petronas, will acquire a 29.4 percent indirect equity interest in Hai Long.

Northland will own 30.6 percent and continue with the lead role in construction and operation.

Related posts:

  1. Sandbrook Capital acquired majority stake in Havfram
  2. EU invests in preparatory studies for OWF in Northern Adriatic Sea
  3. SBM completes US$1.615 billion financing Alexandre de Gusmão
  4. Koloma raised $91M to drill for carbon-free hydrogen

Filed Under: Finance, Hai Long, International projects Tagged With: Deutsche Bank, Finance, Hai Long

All rights reserved - 2025 cookies