Skyborn Secures Approval for 640MW Yunlin Financing　Full Installation Progress is Expected to be Completed in 2024

Note:
• Financial Securing for the Yunlin project completion.
• Advancing green energy progress.
• Commitment prudent financial support from financing banks.

The 640MW Yunlin offshore wind project has received the necessary approvals from Taiwanese authorities to enable the successful completion of its financial restructuring. Approvals for the extended financing, announced at the end of August 2023, were awarded by Taiwan's Ministry of Economic Affairs and Energy Administration. Since its financial close in 2019, the Yunlin project has been a key priority for Skyborn Renewables and its partners in the development company Yunneng, consisting of TotalEnergies, Electricity Generating Public Company (EGCO), and Sojitz Corporation.

Thomas Karst, CEO of Skyborn, said: "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."

On Yunlin's progress, 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 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 project's key sponsors have committed significant additional funds to ensure the project's completion. With financing and regulatory approvals in place, the Yunlin Project is set to proceed with installations in 2024. The project team and all contractors are working at full pace to meet the scheduled targets. The amended completion plan targets the installation of all 80 wind turbines during the course of 2024.

Yunlin is located in the Taiwan Strait, 8-17km off the west coast of Taiwan, at water depths from seven to 35 metres in an 82 sq km project area. The wind farm’s 80 turbines will feed electricity into the Taiwanese power grid via two onshore substations near the townships of Taixi and Sihu in Yunlin County. Electricity from the project is provided to Taiwan Power under two 20-year power purchase agreements. The 640 MW Yunlin offshore wind farm will generate clean energy to supply more than 600,000 homes, making it one of the largest offshore wind farms in Taiwan after commissioning.

Four Major Stakeholders of Yunlin Project:

Skyborn Renewables
Skyborn Renewables (Skyborn) is an experienced offshore wind developer and operator with over 20 years of experience, headquartered in Germany, specializing in the full range of offshore wind value chains, including greenfield development, engineering, procurement, financing, corporate PPAs, construction management and asset management. Skyborn is a portfolio company of Global Infrastructure Partners (GIP), a leading global infrastructure investor headquartered in New York, USA.

TotalEnergies
TotalEnergies is a global multi-energy company active in more than 130 countries, producing and selling oil and biofuels, natural and green gas, renewable energy and electricity. As part of its actions to achieve its 2050 net-zero carbon emission, TotalEnergies is building a cost-competitive, world-class portfolio that combines renewable energy (solar, onshore and offshore) with flexible assets (CCGT, energy storage) to provide clean and reliable energy to its customers. At the end of 2023, TotalEnergies will have a total renewable power plant capacity of 22 GW and will continue to expand this business to reach 35 GW by 2025 and more than 100 TWh of net electricity generation by 2030.

Electricity Generating Public Company Ltd.
EGCO Group is Thailand's first independent power producer with a focus on clean and socially responsible energy in Asia and North America, generating electricity from a variety of sources and aiming to achieve carbon neutrality within its operations by 2040.

Sojitz
Sojitz Corporation is a major Japanese investment and trading company with a wide range of integrated businesses in approximately 50 countries around the world through approximately 440 subsidiaries and subsidiaries in Japan and overseas. Sojitz Corporation is a company listed on the Tokyo Stock Exchange, which was formed by the merger of Nippon Cotton Kogyo and Nissho Iwai, two companies with a global investment history of more than 160 years.