UK Export Finance (UKEF) is providing €267m in project finance guarantees to support the construction of the 376MW Formosa 2 offshore wind farm off the coast of Taiwan.
As a result of UKEF’s support UK companies will be involved in the construction of the Formosa 2 offshore wind farm, helping to unlock the export potential of offshore wind to the UK economy.
UKEF has provided its support in New Taiwanese Dollars, one of over 60 currencies in which UKEF can offer financing, protecting the buyer from market fluctuations and making sourcing from the UK more attractive, according to the agency.
UKEF chief executive Louis Taylor said: “The UK is a world leader in the generation of offshore wind energy, and UK Export Finance is committed to maximising opportunities for our world-class companies in this sector.
“By supporting this project, UKEF is making these opportunities a reality in new markets while helping Taiwan reduce its reliance on fossil fuels.”
GIG global head Mark Dooley said: “We’re delighted to have UKEF on board as a main finance provider. Its support will play an important role in the delivery of Formosa 2 and help the UK’s outstanding offshore wind supply chain to benefit from the project alongside our local Taiwanese partners.
HM trade commissioner for Asia Pacific Natalie Black added: “I’m delighted UKEF’s first project in overseas offshore wind is taking place in the Asia Pacific region.
“The support means more British companies have won contracts in the Formosa 2 development and are strongly placed for future Taiwanese projects.”
Construction of Formosa 2, off the coast of Miaoli County, is expected to begin in 2020.