2024.01.03
Successful Completion of Financial Restructuring for 640 MW Yunlin Offshore Wind Farm Project in Taiwan’s
Yunlin offshore wind farms financial restructuring receives approval, a key priority for Skyborn Renewables and partners.
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Financing secured for project completion
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Progress and commitment to clean energy
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Stable financing consortium
Yunneng Wind Power Co., Ltd. (Yunneng), the company responsible for the construction and operation of the 640 MW Yunlin offshore wind farm project in Taiwan (Yunlin Project), has received the necessary approvals from Taiwanese authorities, namely, the Ministry of Economic Affairs, and Energy Administration, to enable the successful completion of its financial restructuring announced in August 2023. Since its financial close in 2019, the Yunlin Project has been a key priority for Skyborn Renewables (Skyborn) and its partners in Yunneng, TotalEnergies, Electricity Generating Public Company Ltd. (EGCO), and Sojitz Corporation (Sojitz).
Thomas Karst, CEO of Skyborn, stated, “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. We extend our appreciation to the Taiwanese government for their continuous support throughout the project.” Commenting on the project’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 Taiwanese power grid. Moreover, the installation teams have reached a level of 45 monopile foundations, 26 inner array grid 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 financing consortium has remained unchanged since the initial financial close and includes more than two dozen esteemed Taiwanese and global banks, along with export credit agencies. 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 and achieve CoD (Commercial Operations Date). The project team and all contractors are working at full pace to meet the scheduled targets. The amended completion plan targets to install all 80 wind turbines during the course of 2024.
The Yunlin Project is located in the Taiwan Strait, between 8 and 17 kilometers off the west coast of Taiwan, at water depths from 7 up to 35 meters. The 82 km² project area will comprise 80 wind turbine generators whose generated electricity will be fed 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 Co. (Taipower) under two 20-year power purchase agreements. Once completed, the 640 MW Yunlin Project will be one of the largest offshore wind farms in Taiwan, producing enough clean energy to serve the energy needs of more than 600,000 Taiwanese households.
