Successful Completion of Financial Restructuring for 640 MW Yunlin Offshore Wind Farm Project in Taiwan
- Financing secured for project completion
- Progress and commitment to clean energy
- Stable financing consortium
Yunneng Wind Power Co.
, Ltd. (Yunneng), the company responsible for the construction and operation of the 640 MW Yunlin offshore wind farm project in Taiwan (Yunlin Project), has received the necessary approvals from Taiwanese authorities, namely, the Ministry of Economic Affairs, and Energy Administration, to enable the successful completion of its financial restructuring announced in August 2023. Since its financial close in 2019, the Yunlin Project has been a key priority for Skyborn Renewables (Skyborn) and its partners in Yunneng, TotalEnergies, Electricity Generating Public Company Ltd. (EGCO), and Sojitz Corporation (Sojitz).
Thomas Karst, CEO of Skyborn, stated, “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.” Commenting on the project’s progress, Karst added, “So far, 34 of 80 wind turbine generators have been put online enabling the project to generate active revenues from the electricity fed into the Taiwanese power grid. Moreover, the installation teams have reached a level of 45 monopile foundations, 26 inner array grid and 12 export cables laid. The successful completion of the financing and the significant construction progress achieved this year demonstrate our commitment to Taiwan's clean energy transition as well as our project management capabilities."
The financing consortium has remained unchanged since the initial financial close and includes more than two dozen esteemed Taiwanese and global banks, along with export credit agencies. The project’s key sponsors have committed significant additional funds to ensure the project’s completion. With financing and regulatory approvals in place, the Yunlin Project is set to proceed with installations in 2024 and achieve CoD (Commercial Operations Date). The project team and all contractors are working at full pace to meet the scheduled targets. The amended completion plan targets to install all 80 wind turbines during the course of 2024.
The Yunlin Project is located in the Taiwan Strait, between 8 and 17 kilometers off the west coast of Taiwan, at water depths from 7 up to 35 meters. The 82 km² project area will comprise 80 wind turbine generators whose generated electricity will be fed into the Taiwanese power grid via two onshore substations near the townships of Taixi and Sihu in Yunlin County.
Electricity from the project is provided to Taiwan Power Co. (Taipower) under two 20-year power purchase agreements. Once completed, the 640 MW Yunlin Project will be one of the largest offshore wind farms in Taiwan, producing enough clean energy to serve the energy needs of more than 600,000 Taiwanese households.
Shareholders of Yunneng Wind Power Co., Ltd.
Skyborn Renewables
Skyborn Renewables (Skyborn) is an accomplished offshore wind developer and operator with more than 20 years’ experience, headquartered in Germany. Our capabilities cover the entire offshore wind value chain, including greenfield development, project engineering and design, procurement, financing, corporate power purchase agreements, construction management and asset management. Skyborn is a portfolio company of Global Infrastructure Partners (GIP), a leading infrastructure investor headquartered in New York, USA.
TotalEnergies
TotalEnergies is a global multi-energy company, active in more than 130 countries, that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. As part of its ambition to get to net zero by 2050, TotalEnergies is building a world class cost-competitive portfolio combining renewables (solar, onshore and offshore wind) and flexible assets (CCGT, storage) to deliver clean firm power to its customers. At the end of 2023, TotalEnergies’ gross renewable electricity generation installed capacity is 22 GW. TotalEnergies will continue to expand this business to reach 35 GW in 2025 and more than 100 TWh of net electricity production by 2030.
The Electricity Generating Public Company Ltd. (EGCO)
EGCO Group, the first Independent Power Producer in Thailand, is focused on clean and socially responsible power businesses in Asia and North America. The Company’s facilities generate electricity using a variety of fuel sources and the Company has established an internal target to achieve carbon neutrality within its businesses by 2040.
Sojitz Corp. (Sojitz)
Sojitz Corporation is a major investment and trading firm in Japan conducting its wide-ranging operations in approximately 50 countries around the world through approximately 440 consolidated subsidiaries and affiliated companies located in Japan and overseas. Sojitz was formed out the union of Nichimen and Nissho Iwai Corp. both with long world-wide investment histories of more than 160 years, Sojitz is a publicly listed company on the Tokyo Stock Exchange.
Contact for Journalists:
Meike Wulfers
Head of Corporate Communications
m.wulfers@skybornrenewables.com
+49 (151) 50124410
This press release and press photos are available at
https://www.skybornrenewables.com/articles/newsroom/yunlin_finance_completion
About Skyborn Renewables
Skyborn Renewables is driving global decarbonization by accelerating offshore wind energy across the world. We believe offshore wind is a cornerstone of the clean energy transition and an enabler for achieving net-zero targets, ensuring energy security and developing a sustainable energy supply for future generations. Skyborn is an accomplished offshore wind developer and operator with more than 20 years’ experience. Our capabilities cover the entire offshore wind value chain, including greenfield development, project engineering and design, procurement, financing, corporate power purchase agreements, construction management and asset management.
For more information, visit www.skybornrenewables.com
Thomas Karst, CEO of Skyborn, stated, “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.” Commenting on the project’s progress, Karst added, “So far, 34 of 80 wind turbine generators have been put online enabling the project to generate active revenues from the electricity fed into the Taiwanese power grid. Moreover, the installation teams have reached a level of 45 monopile foundations, 26 inner array grid and 12 export cables laid. The successful completion of the financing and the significant construction progress achieved this year demonstrate our commitment to Taiwan's clean energy transition as well as our project management capabilities."
The financing consortium has remained unchanged since the initial financial close and includes more than two dozen esteemed Taiwanese and global banks, along with export credit agencies. The project’s key sponsors have committed significant additional funds to ensure the project’s completion. With financing and regulatory approvals in place, the Yunlin Project is set to proceed with installations in 2024 and achieve CoD (Commercial Operations Date). The project team and all contractors are working at full pace to meet the scheduled targets. The amended completion plan targets to install all 80 wind turbines during the course of 2024.
The Yunlin Project is located in the Taiwan Strait, between 8 and 17 kilometers off the west coast of Taiwan, at water depths from 7 up to 35 meters. The 82 km² project area will comprise 80 wind turbine generators whose generated electricity will be fed into the Taiwanese power grid via two onshore substations near the townships of Taixi and Sihu in Yunlin County.
Electricity from the project is provided to Taiwan Power Co. (Taipower) under two 20-year power purchase agreements. Once completed, the 640 MW Yunlin Project will be one of the largest offshore wind farms in Taiwan, producing enough clean energy to serve the energy needs of more than 600,000 Taiwanese households.
Shareholders of Yunneng Wind Power Co., Ltd.
Skyborn Renewables
Skyborn Renewables (Skyborn) is an accomplished offshore wind developer and operator with more than 20 years’ experience, headquartered in Germany. Our capabilities cover the entire offshore wind value chain, including greenfield development, project engineering and design, procurement, financing, corporate power purchase agreements, construction management and asset management. Skyborn is a portfolio company of Global Infrastructure Partners (GIP), a leading infrastructure investor headquartered in New York, USA.
TotalEnergies
TotalEnergies is a global multi-energy company, active in more than 130 countries, that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. As part of its ambition to get to net zero by 2050, TotalEnergies is building a world class cost-competitive portfolio combining renewables (solar, onshore and offshore wind) and flexible assets (CCGT, storage) to deliver clean firm power to its customers. At the end of 2023, TotalEnergies’ gross renewable electricity generation installed capacity is 22 GW. TotalEnergies will continue to expand this business to reach 35 GW in 2025 and more than 100 TWh of net electricity production by 2030.
The Electricity Generating Public Company Ltd. (EGCO)
EGCO Group, the first Independent Power Producer in Thailand, is focused on clean and socially responsible power businesses in Asia and North America. The Company’s facilities generate electricity using a variety of fuel sources and the Company has established an internal target to achieve carbon neutrality within its businesses by 2040.
Sojitz Corp. (Sojitz)
Sojitz Corporation is a major investment and trading firm in Japan conducting its wide-ranging operations in approximately 50 countries around the world through approximately 440 consolidated subsidiaries and affiliated companies located in Japan and overseas. Sojitz was formed out the union of Nichimen and Nissho Iwai Corp. both with long world-wide investment histories of more than 160 years, Sojitz is a publicly listed company on the Tokyo Stock Exchange.
Contact for Journalists:
Meike Wulfers
Head of Corporate Communications
m.wulfers@skybornrenewables.com
+49 (151) 50124410
This press release and press photos are available at
https://www.skybornrenewables.com/articles/newsroom/yunlin_finance_completion
About Skyborn Renewables
Skyborn Renewables is driving global decarbonization by accelerating offshore wind energy across the world. We believe offshore wind is a cornerstone of the clean energy transition and an enabler for achieving net-zero targets, ensuring energy security and developing a sustainable energy supply for future generations. Skyborn is an accomplished offshore wind developer and operator with more than 20 years’ experience. Our capabilities cover the entire offshore wind value chain, including greenfield development, project engineering and design, procurement, financing, corporate power purchase agreements, construction management and asset management.
For more information, visit www.skybornrenewables.com
The issuer is solely responsible for the content of this announcement.
