Northland Power and its partners have met all of the requirements for the $3.6 billion financial close on the Hai Long offshore wind farm, which will be built off the coast of Taiwan. The project is being funded by 16 foreign and local financial organisations, including ANZ, Crédit Agricole CIB, CTBC, DBS, Deutsche Bank, Fubon Bank, Fubon Life, HSBC, JBIC Direct Loan, the Korea Development Bank, Mizuho, MUFG, Shinsei Bank, SMBC, Standard Chartered Bank, and Taiwan Life.

Furthermore, it will be located in the Taiwan Strait, 45–70 km offshore Changhua. The wind farm will be developed in two stages, Hai Long 2 and 3, with a 1.02 GW power generation capacity. Under a feed-in tariff, Hai Long 2A was able to obtain 300 MW of grid capacity, while Hai Long 2B and 3 were able to get 744 MW in the inaugural competitive bidding of the nation, which took place in 2018. A corporate power purchase agreement was inked for the 744 MW capacity in 2022.

Moreover, all environmental approvals and building licences have also been obtained, and preliminary development work and production of crucial components have commenced. It is anticipated that the wind farm will start up in 2025 or 2026. The project will provide enough electricity to power a million homes in Taiwan.

REGlobal’s Views: Taiwan has a target of 15 GW of offshore wind to be constructed between 2026 and 2035. This project is being funded by a mix of various domestic and international organisations, showing the investors’ confidence in the emerging Taiwanese offshore wind market. The country has a large pipeline of offshore wind projects that will attract more investment in the nation.