Danish developer Orsted has reached financial close on the second phase 120MW Formosa offshore wind farm in Taiwan.
The company along with partners Swancor and Macquarie secured €532m in finance from 11 banks and the Danish export credit agency EKF.
Orsted said the deal represents the first project financing in the Taiwanese offshore wind sector and will pave the way for construction next year.
Formosa 2 will feature Siemens Gamesa 6MW turbines up to 6km from the coast of Miaoli. The operational first phase (pictured) features two Siemens Gamesa 4MW turbines.
Funding came from Taiwan banks Cathay United, Taipei Fubon Commercial, EnTie Commercial and KGI.
International participation included ANZ Banking Group, BNP Paribas, Credit Agricole Corporate and Investment Bank, DBS Bank, ING Bank, MUFJ Bank and Societe Generale.
Matthias Bausenwein, Orsted general manager for Asia Pacific, said the company is “glad to see that this important project milestone has been achieved”.
Image: Swancor
Cash in hand at Formosa
By EBS