The Hai Long Offshore Wind Project (“Hai Long Project") announced today that it has signed credit agreements for NT$118 billion long-term financing. Once the financing is completed, it will be the largest offshore wind project financing to date in Taiwan and the APAC region. This not only signifies a big milestone for the Project but also demonstrates a new page for the island's green finance.
The long-term financing will be provided by over 16 international and local commercial banks with support from multiple Export Credit Agencies (ECAs); the ECA will provide comprehensive risk coverage to the commercial banks as well as provide direct loan to Hai Long and the cover percentage to the commercial banks will be the highest coverage in Taiwan's Offshore Wind Industry. The project is expected to reach financial close by satisfying all relevant conditions precedent shortly.
“Today’s announcement is a major achievement for shareholders, our partners, and the Hai Long project,” said Tim Kittelhake, CEO of Hai Long. “Reaching this milestone demonstrates support from the financial community and the government. Without them and our other key stakeholders, we would not have been able to come this far. The Hai Long project team will work with our partners to deliver the Project on time, on scope, and on budget. Once completed, Hai Long will play an important role in helping Taiwan achieve its offshore wind power capacity targets of 40 – 55 GW by 2050.”
“Hai Long signing financial documents is a significant achievement. It will be the largest long-term offshore wind project financing to date in Taiwan and the APAC region,” said Jun Tamura, Hai Long’s Executive Vice President. “We would like to thank the project team, our partners, and all the financial and capital providers for working together to achieve this significant milestone.”
The Hai Long Project credit agreement has been successfully signed, benefiting from Taiwan's robust investment environment and comprehensive policy support. This not only marks a new chapter for Taiwan's offshore wind industry and green finance but also plays a role in transitioning from Phase II Zones of Potential to Phase III Zonal Development, serving as an anchor between the past and the future. Hai Long will continue to support Taiwan in achieving its renewable energy development goals and contribute to achieving the 2050 net-zero carbon emissions target.
The Hai Long Project is expected to be connected to the grid for power generation between 2025 and 2026. Creating over 5,000 jobs throughout its lifetime, the Hai Long Project will become the largest single wind farm in Taiwan and supply electricity to more than one million households.
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Media Contact
Hai Long Offshore Wind
Jewell Hsu, Senior Public Relations Manager
+886-900-841-211 / jewell.hsu@hailongoffshorewind.com