EKF guarantees new offshore wind park in Taiwan

The financing of a new wind energy project of 589 MW off the West Coast of Taiwan is now in place. Danish company Copenhagen Infrastructure Partners is behind the project, the turbines are from Danish MHI Vestas, and EKF provides a guarantee of DKK 2.5 billion.

The Danish footprint is therefore quite substantial underlining Denmark’s position of strength in the wind energy sector.

Taiwan is the largest offshore wind market outside of the North Sea, and Changfang and Xidao – as the project is called – is the fourth offshore wind park in Taiwan with EKF participation in only three years.

The total financing of close to USD 3 billion is a combination of equity and loans from a syndicate of 25 banks and financial institutions including EKF. EKF’s guarantee covers approx. 13% of the total debt in the project.

MHI Vestas, which has a large part of its production in Denmark, supplies 62 9.5 MW wind turbines to the Changfang and Xidao project.

Construction starts now, and the project is scheduled to be commissioned at the beginning of 2024 when it is to deliver electricity to more than 600,000 households in Taiwan

Large demand for Danish climate technology and financing

In recent years EKF has seen a strong demand for Danish climate technology and for the financing that is so crucial for the ability to realise green projects around the world. Therefore, in December 2019, EKF was allocated DKK 14 billion from Denmark’s Green Future Fund to finance export of Danish climate technology.

Read more: A new billion kroner fund will boost Danish climate exports