Orsted secures Formosa finance

15 June 2018

Orsted says it has completed the first project financing in the Taiwanese offshore wind industry.

The Danish energy giant and its project partners have closed finance on the 120 MW Formosa 1 Phase 2 wind farm, which will be built 5 km from the Miaoli coast in north-western Taiwan.

Orsted has a 35 per cent stake in Formosa 1, alongside Swancor Renewable (15 per cent) and Macquarie Capital (50 per cent). It said that a consortium of 11 international and local Taiwanese banks, as well as EKF, Denmark’s export credit agency, completed the NT$18.7 billion, 16-year project financing.

Formosa 1 Phase 2 will add 120 MW to the existing Formosa 1 offshore wind farm. Construction will start in 2019, Orsted said, using twenty 6 MW wind turbines. .

The project financing will be used to find the development and construction of Phase 2, and refinance the existing Phase 1 wind farm.

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