Taiwan Greenlights Financial Overhaul for Yunlin Wind Project

After an extended period of eager anticipation, the developers of the Yunlin offshore wind project in Taiwan have at last received approval for their financial restructuring plans. The Yunneng Wind Power consortium, which leads the project, has obtained the necessary regulatory approvals from the Ministry of Economic Affairs and Energy Administration.

The consortium, comprising of Skyborn Renewables, TotalEnergies, EGCO Group, and a consortium led by Sojitz Corp, has been given the green light to proceed with their financial restructuring, which was initially announced in August 2023. This pivotal development clears the path for the installation of 80 turbines, scheduled to begin this year.

In 2019, the Yunlin project achieved financial close with the support of more than 20 Taiwanese and international banks, along with export credit agencies. In August 2023, these sponsors agreed to provide substantial additional financing, further advancing the project towards realization.

With the recent regulatory approvals in place, the construction of the wind turbines is scheduled to commence in 2024. Skyborn CEO, Thomas Karst, expressed his gratitude to the Taiwanese Government for their unwavering support throughout the project, acknowledging the continuous backing as crucial to the project’s progress.

In Karst’s own words, “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.”

Karst also emphasized the significant progress made in the project, with 34 out of the 80 wind turbine generators already generating revenue by feeding electricity into the Taiwanese power grid. Additionally, the installation teams have made headway in laying 45 monopile foundations, 26 inner array grids, and 12 export cables, demonstrating their commitment to Taiwan’s clean energy transition.

The Yunlin offshore project, spanning 82km² in the Taiwan Strait, will host the 80 wind turbines in water depths ranging from 7 to 35 metres. These turbines will supply electricity to the Taiwanese grid through onshore substations in Yunlin County, with 20-year power purchase agreements already in place with Taiwan Power.

The recent approvals and progress made reaffirm the project’s commitment to contributing to Taiwan’s clean energy transition, aligning with the country’s renewable energy goals. As the Yunlin wind project inches closer to completion, the future looks promising for Taiwan’s renewable energy landscape.