Cathay United Bank has supported the development of the Hai Long Offshore Wind Project since 2016. It was hired as Hai Long’s financial advisor in 2021 to assist the project team in establishing relationships and maintaining smooth communication with local banks. Since then, the project team and Cathay United Bank have accomplished their shared goals up to this point in the project.
During this time, the Hai Long Project team has been developing local offshore wind talent. After a significant amount of time and effort spent on the project, the shareholders and the project team have developed strong internal expertise to support project financing. The team is familiar with Taiwan's financial industry and procedures.
The contract with Cathay United Bank expires at the end of April 2023. At that point, the Hai Long Project team will continue to collaborate with the financial institutions that intend to participate in the project financing and will take the lead on reaching financial close. We are thankful for Cathay United Bank’s extended support along the way.
The Hai Long Project has obtained the highest ratio of credit guarantee in the market from the export credit agencies, demonstrating financial institutions’ great confidence in the technical capabilities, maturity, and stability of the project. A high percentage of the international banks that took part in the initial case assessment has obtained preliminary approval to participate in the Hai Long Project financing.
The next step will be the final credit approval process with the board of directors. At the same time, the project has also received positive feedback from local financial institutions.
(End)
Media Contact
Hai Long Offshore Wind
Jewell Hsu, Senior Public Relations Manager
+886-900-841-211 / jewell.hsu@hailongoffshorewind.com