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Wpd reaches financial close for 640-MW Taiwanese offshore wind project

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Wpd reaches financial close for 640-MW Taiwanese offshore wind project

Wpd AG has secured approximately €2.7 billion in project financing for the 640-MW Yunlin offshore wind farm in Taiwan, according to a May 30 company news release.

The financing group includes four Taiwanese banks: Cathay United Bank, CTBC Bank, E-Sun Commercial Bank and Taipei Fubon Commercial Bank. Also part of the financing group are 15 international banks: BNP Paribas, Commerzbank, Crédit Agricole Corporate and Investment Bank, DBS Bank, Deutsche Bank, ING Bank, KfW-IPEX Bank, Mizuho Bank, MUFG Bank, Natixis, OCBC, Siemens Bank, Société Générale, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation.

SMBC acted as financial adviser and E-Sun as the local financial adviser for the project debt financing. Blanke Meier Evers and Linklaters acted as legal advisers to wpd.

Siemens AG subsidiary Siemens Gamesa Renewable Energy SA agreed to supply 80 turbines for the project, located 8 kilometers off the coast within the Taiwan Strait. The project is expected to be completed by December 2021.

The offshore wind farm is 73% owned by wpd and 27% owned by a consortium of Japanese investors led by Sojitz Corp. Other members of the consortium include Chugoku Electric Power Co. Inc., Chudenko Corp., Shikoku Electric Power Co. Inc. and JXTG Nippon Oil & Energy Corp.

In April 2018, the Taiwanese Government awarded wpd the rights to develop 1,000 MW of offshore wind resources at the Yunlin and Guanyin projects. The company said the total cost of both projects will be about €4 billion.