A consortium of Northland Power, Mitsui & Co, and Yushan Energy has appointed K2 Management as lender’s technical, environmental and social advisor on Taiwan’s Hai Long offshore wind farm.
The proposed 1044 MW offshore project, to be developed 50km off the coast of Changhua county, will be developed in three stages, with construction expected to begin in 2023 and commissioning in 2025.
The contract’s scope will see K2 Management advise lenders on permitting and environmental, technical design (civil, electrical, turbine, grid connection), project participants, construction management and associated contracts.
It will also consider schedule and weather risk, O&M strategy and contracts, technical aspects of the financial model and a review of risk management and contingency sizing.
Hai Long Offshore Wind chief financial and administration officer and Hidehiro Nagata said: “There is a great transformational opportunity for Taiwan to use offshore wind to help shape a stronger economic and environmental landscape as the Asia Pacific export hub in offshore wind and Hai Long aims to be the anchor project to that.
“K2 Management brings a combination of international offshore technical expertise alongside local Taiwanese market knowledge to the Hai Long offshore project.
“We will look forward to collaborating throughout the financing process.”
K2 Management’s director of due diligence and analysis Will Sheard said: “All good projects begin with strong development, but the importance of a robust and technically sound financing process cannot be underestimated.
“We are thrilled to be appointed in this key role, bringing technical expertise to Hai Long and supporting the project through to financial close.”
The Hai Long offshore wind farm intends to contribute to the Taiwan government’s energy policy goal of achieving 5.5GW of installed offshore wind capacity by 2025.