Taiwanese authorities have granted the developers of the 640MW Yunlin offshore wind project the permissions required to finalise the financial restructuring announced in August 2023.
The Yunneng Wind Power consortium, which is responsible for the construction and operation of the Yunlin offshore wind project, has received approval from Taiwan’s Ministry of Economic Affairs and Energy Administration.
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The consortium comprises Skyborn Renewables, TotalEnergies, EGCO Group and a Sojitz Corp-led consortium including Chugoku Electric Power, the Chudenko Corporation, Shikoku Electric Power and the JXTG Nippon Oil & Energy Corporation.
The Yunlin project, which will be powered by 80 turbines, achieved financial close in 2019.
A consortium of financiers, comprising more than 20 Taiwanese and international banks along with export credit agencies, has provided financing for the project.
In August 2023, these sponsors agreed to provide substantial additional financing.
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By GlobalDataWith the necessary financial and regulatory approvals now secured, the project can begin installation in 2024. The installation of all 80 wind turbines is scheduled for this year.
Skyborn CEO Thomas Karst stated: “This marks the final step required to secure the financing for the project’s completion, following the principal agreement with lenders and sponsors in August 2023. We extend our appreciation to the Taiwanese Government for their continuous support throughout the project.”
Karst added: “So far, 34 of 80 wind turbine generators have been put online, enabling the project to generate active revenues from the electricity fed into the Taiwanese power grid. Moreover, the installation teams have reached a level of 45 monopile foundations, 26 inner array grids and 12 export cables laid.
“The successful completion of the financing and the significant construction progress achieved this year demonstrate our commitment to Taiwan’s clean energy transition as well as our project management capabilities.”
The Yunlin offshore project will be situated in the Taiwan Strait, covering 82km². It will be powered by 80 wind turbines installed in water depths between seven metres and 35m.
The turbines will generate and transmit electricity to the Taiwanese grid through two onshore substations in Yunlin County.
Taiwan Power has entered into 20-year power purchase agreements to buy the power from the wind farm.
