The 640MW Yunlin offshore wind project has received the necessary approvals from Taiwanese authorities to enable successful completion of its financial restructuring.
Approvals for the extended financing, announced at the end of August 2023, were awarded by Taiwan’s Ministry of Economic Affairs and Energy Administration.
Since its financial close in 2019, the Yunlin project has been a key priority for Skyborn Renewables and its partners in the development company Yunneng, consisting of TotalEnergies, Electricity Generating Public Company (EGCO) and Sojitz Corporation.
Thomas Karst, CEO of Skyborn, said: “This marks the final step required to secure the financing for the project’s completion, following the principal agreement with lenders and sponsors in August 2023.
“We extend our appreciation to the Taiwanese government for their continuous support throughout the project.”
On Yunlin’s progress, Karst added: “So far, 34 of 80 wind turbine generators have been put online enabling the project to generate active revenues from the electricity fed into the Taiwanese power grid.
“Moreover, the installation teams have reached a level of 45 monopile foundations, 26 inner array grid and 12 export cables laid.
“The successful completion of the financing and the significant construction progress achieved this year demonstrate our commitment to Taiwan’s clean energy transition as well as our project management capabilities.”
The financing consortium has remained unchanged since the initial financial close and includes more than two dozen Taiwanese and global banks, along with export credit agencies.
The project’s key sponsors have committed significant additional funds to ensure the project’s completion.
With financing and regulatory approvals in place, the Yunlin Project is set to proceed with installations in 2024.
The project team and all contractors are working at full pace to meet the scheduled targets.
The amended completion plan targets to install all 80 wind turbines during the course of 2024.
Yunlin is located in the Taiwan Strait, 8-17km off the west coast of Taiwan, at water depths from seven to 35 metres in an 82 sq km project area.
The wind farm’s 80 turbines will feed electricity into the Taiwanese power grid via two onshore substations near the townships of Taixi and Sihu in Yunlin County.
Electricity from the project is provided to Taiwan Power under two 20-year power purchase agreements.