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UK provides finance support to Taiwan offshore wind farm

UK offshore wind expertise is being exported to Asia

UK offshore wind expertise is being exported to Asia

Export credit agency is to provide £230m project finance guarantee to support UK businesses supplying a large-scale wind farm off the coast of Taiwan

A multinational project to build an offshore wind farm in the Taiwan Strait will be provided with a £230m project finance guarantee by UK Export Finance (UKEF), the government-backed body announced this week.

The 376MW Formosa Two project is part of a plan by the government of Taiwan to generate 20 per cent of its power from renewable sources by 2025. It is aiming to install 5.5GW of offshore wind by that date, and a further 5GW through to 2030.

A number of leading international companies in the offshore wind sector, including 18 from the UK, have set up operations in Taiwan as they look to accelerate the development of the country’s emerging renewables sector.

The Formosa Two project is led by Macquarie’s Green Investment Group and Swancor Renewable Energy.

UK companies will be involved in the construction of the project as a result of support by the UK’s export credit agency, the agency said.

Natalie Black, HM trade commissioner for Asia Pacific, said the project was the first overseas offshore wind project in which it had invested.

“The support means more British companies have won contracts in the Formosa 2 development and are strongly placed for future Taiwanese projects,” she said.

“The deal not only gives the UK and UK businesses an even stronger foothold in Taiwan’s offshore wind market, but also the wider region as new opportunities emerge in markets such as Japan, South Korea and Vietnam,” she added.

Source: – Business Green