On Feb. 18, U.K. Export Finance UKEF, an export credit agency and ministerial department in the U.K., said in a press release that it was providing a £200 million buyer credit guarantee to help finance the Greater Changhua 1 Offshore Wind Farm in Taiwan.
In a statement Thursday, head of the British Office Taipei John Dennis said he was delighted with the development.
"This is UKEF's third offshore wind project in Taiwan, bringing the total financing since 2019 to NT$19 billion (£500 million) for three offshore wind projects," he said.
According to Dennis, 28 British offshore wind suppliers are opening offices in Taiwan.
"We are pleased to see Taiwan continue on its path to decarbonising its economy," he said. "As the U.K. market has shown, developing renewable energy creates high quality jobs, while lowering energy costs and carbon emissions."
According to the UKEF press release, the Greater Changhua 1 Offshore Wind Farm has a capacity of 605 MW, powering more than 650,000 households. It will help Taiwan achieve its goal of generating 20 percent of its power from renewable sources by 2025.
Two U.K. firms, Seajacks and Trelleborg's applied technologies operation, have won export contracts with Ørsted, the company leading the development of the wind farm, UKEF said.
The former will ship the material needed to install the turbines, while the latter will provide protection systems for the cables that connect the turbines to the mainland, it said.
UKEF has now provided credit guarantees of £500 million to finance three offshore wind projects in Taiwan since late 2019, according to the press release.
The three projects are the Formosa 2 Wind Farm, the Changfang and Xidao Offshore Wind Farm, and the Greater Changhua 1 Offshore Wind Farm.