The 367MW Formosa 2 offshore wind plant has achieved the first delivery of power to the Taiwanese grid, following the installation of 12 turbines. The project, referred to as Haineng Fengdian, is off the island’s Miaoli County and is being developed by Japan’s JERA (49%), Macquarie’s Green Investment Group (GIG, 26%), and Taiwanese company Swancor Renewable Energy (25%).
It will have 47 turbines when completed. It started installing jacket foundations and array cables in April and May, respectively, and wind turbines in June, according to reports. An 18-year NT$60bn (US$2bn) loan package was raised in 2019 to finance the development. The international lenders were BNP Paribas, Credit Agricole, Societe Generale, Natixis, ING, DBS, OCBC, MUFG, SMBC, ANZ Bank and HSBC alongside domestic banks CTBC, E Sun, Fubon Bank and KGI Bank, and institutional lender Taiwan Life Insurance. The export credit agencies are Credendo of Belgium, EKF of Denmark, K-Sure, and UKEF. Legal advisers are Linklaters for the lenders and Clifford Chance for the sponsors.
JERA and GIG have already partnered on the128MW Formosa 1 wind farm which is operational, and they plan to develop 2GW Formosa 3 project, intending to join the third round of Taiwan’s offshore wind zonal development auction.
