Britain’s export agency, UK Export Finance (UKEF), has awarded some £230M in project finance guarantee to Macquarie’s Green Investment Group for assistance with the Formosa 2 offshore wind farm in the Taiwan Strait.
The Formosa 2 wind farm will consist of a grand total of 47 wind turbines which will produce a substantial 376MW of energy, following the Taiwanese Government’s pledges to have 20 per cent of their power generates from renewable resources by 2025.
The Chief Executive of UKEF, Louis Taylor stated: “The UK is a world leader in the generation of offshore wind energy, and UK Export Finance is committed to maximising opportunities for our world-class companies in this sector. By supporting this project, UKEF is making these opportunities a reality in new markets while helping Taiwan reduce its reliance on fossil fuels.”
It is hoped that Britain’s involvement in this project, with several UK companies soon to be involved in the construction process, will help to open up the export potential of the growing renewable energy sector of the British economy.
The Global Head of the lead project sponsor, Macquarie’s Green Investment Group, Mark Dooley commented: “Macquarie’s Green Investment Group is a leading global investor and developer in the renewable energy sector. We’ve supported 16 offshore wind projects across the globe, including almost 50 per cent of the UK’s offshore wind capacity in operations or under construction.
“We are delighted to have UKEF on board as a main finance provider. Its support will play an important role in the delivery of Formosa 2 and help the UK’s outstanding offshore wind supply chain to benefit from the project alongside our local Taiwanese partners.”
The HM Trade Commissioner for Asia Pacific, Natalie Black added: “I am delighted UKEF’s first project in overseas offshore wind is taking place in the Asia Pacific region.
“The support means more British companies have won contracts in the Formosa 2 development and are strongly placed for future Taiwanese projects.
“The deal not only gives the UK and UK businesses an even stronger foothold in Taiwan’s offshore wind market, but also the wider region as new opportunities emerge in markets such as Japan, South Korea and Vietnam.”
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