Hai Long Offshore Wind Project Completes NT$55 Billion Incremental Financing; 11 Banks Join for the First Time

The Hai Long Offshore Wind Project, jointly developed by Japan's Mitsui & Co., Ltd., Canada-based Northland Power Inc., and Malaysia's Gentari International Renewables Pte. Ltd., announced on August 11 that it had completed NT$55 billion in incremental financing. In addition to support from the project's existing 7 Export Credit Agencies (ECAs) and participating lenders, the financing expansion also attracted the participation of the National Credit Guarantee Center and 17 financial institutions, including 6 existing participating banks that increased their commitments and 11 newly participating public-sector, private-sector, and foreign banks.

The 6 existing participating banks are:
Taipei Fubon Commercial Bank, The Hongkong and Shanghai Banking Corporation Limited (HSBC), Crédit Agricole Corporate and Investment Bank, CTBC Bank, KGI Bank, and DBS Bank.

The 11 newly participating public-sector, private-sector, and foreign banks are:
Mega International Commercial Bank, Chang Hwa Commercial Bank, Taiwan Business Bank, Bank of Taiwan, Hua Nan Commercial Bank, Land Bank of Taiwan, Taiwan Cooperative Bank, Taichung Commercial Bank, Panhsin Bank, EnTie Commercial Bank, and Société Générale.

Tim Kittelhake, CEO and Project Director of the Hai Long Project, said the optimized financing structure demonstrates the achievements of the government, financial markets, and private enterprises working together to advance Taiwan's energy transition and green finance. He expressed appreciation for the long-term support from financial partners and relevant government agencies. Kittelhake said the Hai Long team will continue working with industry partners to complete construction on schedule and to the required standards, provide stable and clean green power, and contribute to enhancing Taiwan's energy security and resilience while advancing the country's 2050 net-zero transition.

Located approximately 45 to 70 kilometers off the coast of Changhua County, the Hai Long Project comprises 73 planned wind turbines with a total installed capacity of more than 1 GW. The project is progressing steadily toward its target of completion and grid connection by the end of 2026. Once completed, Hai Long is expected to become Asia's largest single offshore wind farm, with annual power generation sufficient to meet the electricity needs of more than one million Taiwanese households.

【About Hai Long Offshore Wind Project】
The Hai Long Offshore Wind Project is located approximately 45–70 kilometers off the coast of Changhua County, in waters with depths of approximately 35–60 meters. It comprises the Hai Long 2 & Hai Long 3 offshore wind farms and is jointly developed by Mitsui & Co., Ltd. of Japan, Canadian independent energy developer Northland Power Inc., and Malaysia-based Gentari International Renewables Pte. Ltd. With total installed capacity exceeding 1 GW, the Hai Long Project will provide stable and clean green energy to more than one million Taiwanese households once it begins commercial operations.

Source: Hai Long Offshore Wind
Compilation & Ttranslation: EnergyOMNI