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The developers of the Hai Long Offshore Wind Farm in Taiwan have secured a NT$55Bn (US$1.7Bn) incremental financing package. Also, this funding is set to enhance their position as the project moves towards completion. This project alongside others such as the Fengmiao Offshore Wind Project are set to boost Taiwan’s Wind power capacity.

Developers

Additionally, the project is being jointly developed by Mitsui & Co in Japan, Northland Power in Canada and Gentari in Malaysia. This new financing package for Hai Long is structured within the existing financing framework for the project.

By securing increased financing on more competitive terms, the incremental financing has further optimized the project’s capital structure and strengthened its financial foundation for the completion of construction and long-term operations.

In addition to the continued backing of the original seven Export Credit Agencies (ECAs) and the existing lending syndicate, the new funding also attracted participation from the National Credit Guarantee Administration (NCGA). Also, it attracted participation from 17 financial institutions.

Financiers

The incremental financing includes six existing lenders that increased their commitments. These lenders are: Taipei Fubon Commercial Bank, The Hongkong and Shanghai Banking Corporation, Crédit Agricole Corporate and Investment Bank, CTBC Bank, DBS Bank, King’s Town Bank – as well as 11 banks participating in the project’s financing structure for the first time.

The new financing comes from a mix of domestic state-owned, commercial and international banks including: Mega International Commercial Bank, Chang Hwa Commercial Bank, The Export-Import Bank, Hua Nan Commercial Bank, Land Bank of Taiwan, Taiwan Business Bank, Taiwan Cooperative Bank, Taichung Commercial Bank, Bank of Panhsin, Entie Commercial Bank, and Société Générale. Overall, the total number of financial institutions supporting the project has increased to 35.

Expanded Participation of Taiwanese Banks Seen in the Financing

One of the highlights of the financing is the expanded participation of Taiwanese banks. The banks have joined existing domestic and international financial partners in supporting the project. Moreover, the developers said the move demonstrates the financial market’s long-term confidence in the Hai Long project and Taiwan’s energy transition. Also, it underscores the maturity of Taiwan’s green finance market in attracting diversified capital to major energy infrastructure projects and their commitment to supporting green projects at home.

Hai Long chief executive and project director Tim Kittelhake said, “This financing optimization demonstrates strong collaboration among the government, financial sector, and private enterprises in advancing Taiwan’s energy transition and the development of green finance.

“Together with our industry partners, Hai Long remains committed to delivering the project safely, on schedule, and to the highest quality standards, providing stable and clean electricity while contributing to Taiwan’s energy security, energy resilience, and 2050 net-zero transition.”

Location, Number of Wind Turbines, and Capacity

The Hai Long offshore windfarm is located approximately 45-70 km off the coast of Changhua County. Furthermore, the Hai Long project will comprise 73 wind turbines. The turbines will boast a total installed capacity exceeding 1 GW. Furthermore, the construction is progressing steadily toward full completion and grid connection by the end of 2026.

Lastly, once operational, Hai Long will become the largest single offshore windfarm in Asia.

Project Factsheet

Project Name: Hai Long Offshore Wind Project (comprising Hai Long 2A, 2B, and 3)

Location: Taiwan Strait, 45–70 km off the coast of Changhua County

Water Depth: 35 – 55 meters

Total Capacity: 1,022 MW (1 GW)

Target Completion: Grid connection and full commissioning by late 2026 / 2027

Expected Impact: Largest single offshore wind farm in Asia; powers 1,000,000 households annually

Development and Financing

Project Developers / Joint Venture:

• Mitsui & Co. (Japan)
• Northland Power (Canada)
• Gentari (Malaysia)

Incremental Financing Package: NT$55 Billion (US$1.7 Billion)

Financial Backers: 35 total financial institutions, including 7 original Export Credit Agencies (ECAs), National Credit Guarantee Administration (NCGA). Also, it includes 17 state-owned, commercial, and international banks.

Key Lenders: Taipei Fubon, HSBC, Crédit Agricole CIB, CTBC Bank, DBS, King’s Town Bank, Mega ICBC, Chang Hwa Bank, Land Bank of Taiwan, Taiwan Cooperative Bank, Société Générale, and others.

Technical & Sub-project Breakdown

Hai Long 2A: 300 MW

Hai Long 2B: 232 MW

Hai Long 3: 512 MW

Turbine Technology: 73 units of Siemens Gamesa SG 14-222 DD turbines (14 MW base capacity, capable of up to 15 MW with Power Boost).

Offshore Substations: 2 major offshore substations (topside weight 2,800 tonnes each).