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Taiwan Offshore Wind Wins Norwegian Financial Backing

The transaction guarantees backing for the Seaway 7 cable installation and is in line with its strategy to strengthen its market in the Far East.

“Financing Norwegian deliveries to offshore wind projects globally is one of our core strategic priorities. I am very pleased that together with Seaway 7 we have succeeded in securing this important contract that strengthens its market position in Taiwan,” said Tone Lunde Bakker, managing director, Eksfin.

Strategic markets

Mr Bakker added that in addition to Taiwan, Eksfin aims to increase Norwegian exports to the Far East including South Korea and Japan – key offshore wind markets where Norwegian companies are expected to establish a strong position.

Joint-venture Hai Long development partners Northland Power Inc of Canada and Japan’s Mitsui & Co.,Ltd. won construction approval for the Hai Long wind park project in March this year.

Situated between 45 and 70 kilometres off Taiwan’s Changhua coast, on completion the 1 gigawatt (GW) offshore wind park will be the largest in Taiwan with capacity to supply clean energy to more than one million households. Full commercial operation is expected in 2026/2027, with energy supplied according to power purchase agreements already in place.

In the case of Hai Long, project financing will be provided by over 15 international and local lenders with support not only from Eksfin but also multiple other Export Credit Agencies (ECAs) including Export Development Canada (EDC).

Other agencies include Japan Bank for International Cooperation (JBIC), Nippon Export and Investment Insurance (NEXI), UK Export Finance (UKEF), Export Finance Australia (EFA) and Credendo – Export Credit Agency of Belgium.

This autumn, Eksfin is set to reach a total of NOK 30bn (€2.6bn) in loans and guarantees linked to export contracts to offshore wind parks worldwide, amid expectations of further growth within renewables and green technology.

Source: Maritime Journal