Taiwan's Hai Long Offshore Wind Project Secures $1.7 Billion Financing Package
Key Takeaways
- •The Hai Long project has obtained an additional $1.7 billion in financing on top of a 2023 facility supported by export credit agencies from six countries.
- •Eleven banks are participating in the project's financing for the first time, while six existing lenders have increased their commitments, bringing the total number of supporting financial institutions to 35.
- •The wind farm will consist of 73 turbines with an installed capacity surpassing 1 GW once construction is complete.
- •Upon full operation, Hai Long is expected to become Asia's largest offshore wind farm, generating enough electricity to serve more than one million households annually.
- •The project is scheduled for commissioning at the end of 2026 and represents a central component of Taiwan's strategy to expand renewable energy and reduce dependence on imported fossil fuels.
Taiwan's Hai Long offshore wind project, currently under construction, has secured a $1.7 billion (NT$55 billion) financing package as it approaches its scheduled commissioning at the end of 2026.
The additional funding falls within the project's existing finance structure and is designed to strengthen the financial foundation for both the remaining construction phase and long-term operations. This latest tranche builds upon an earlier multi-billion-dollar facility arranged in 2023, which was backed by export credit agencies from six countries and a syndicate of international and local banks.
The new tranche has attracted participation from the National Credit Guarantee Administration and 17 financial institutions, expanding beyond the original seven ECAs and the established lender group. The breadth of participation reflects growing institutional confidence in Taiwan's offshore wind sector, which the government has positioned as a cornerstone of its energy transition strategy as the country works to increase renewable energy's share of its electricity mix and reduce reliance on imported fossil fuels.
Six existing lenders have increased their commitments: Taipei Fubon Commercial Bank, HSBC, Crédit Agricole CIB, CTBC Bank, DBS, and King's Town Bank.
Eleven banks are joining the financing for the first time: Mega International Commercial Bank, Chang Hwa Commercial Bank, The Export-Import Bank of Taiwan, 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.
With this expansion, the total number of financial institutions supporting the Hai Long project now stands at 35.
The Hai Long wind farm is being developed approximately 45–70 kilometers off the coast of Changhua County. Once completed, it will comprise 73 turbines with a total installed capacity exceeding 1 GW. When fully operational, it is expected to become the largest offshore wind farm in Asia, generating enough electricity to meet the annual demand of more than one million households. Taiwan has been among the early movers in Asian offshore wind development, and Hai Long's scale positions it as a benchmark project for the broader region as countries including Japan and South Korea advance their own offshore wind ambitions.
Source: Splash247
