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Export Credit Agency provides guarantee to develop one of Asia’s largest offshore wind sites
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Backing of wind farm will unlock opportunities for British exporters, strengthening Britain’s position as a clean energy superpower
UK Export Finance (UKEF) is guaranteeing financing for a major offshore wind farm project in Taiwan, creating export opportunities for British businesses.
In support of the government’s Plan for Change and its mission to kickstart economic growth, UKEF – the UK government’s export credit agency – is providing a €146 million Buyer Credit Guarantee to assist the development of 632MW of renewable energy capacity off coast in the Taiwan Strait.
The deal enables British exporters Cadeler, CRP Subsea, Ordtek, and Cathie to secure contracts to provide specialised services and critical components.
It also supports jobs across the UK’s renewable energy supply chain, reinforcing Britain’s position as a global leader in the low-carbon transition – a key ambition set out in the government’s modern Industrial Strategy.
Ørsted, the lead sponsor for this project, is a great example of a business transforming from one reliant on fossil fuels to one based on renewable energy.
The new wind farm will result in reductions of carbon emissions estimated at 1,118,000 tonnes of carbon dioxide equivalent per year.
The project is being financed in collaboration with export credit agencies from Denmark, Norway, South Korea, and Taiwan.
Minister for Exports, Gareth Thomas, said
This shows how Government is boosting exports in our key growth sectors and supporting jobs across the country as part of our Plan for Change.
This investment will enable British innovation in renewable technology to scale up Taiwan’s clean energy transition and follows our modern Industrial Strategy, which provides up to £13 billion of direct lending for UKEF to help businesses to export.
Trond Westlie, Group CFO of Ørsted, said
We’ve received very strong support from both international and local banks and export credit agencies for the project financing of Greater Changhua 2. This shows that there is a healthy appetite for premium assets with robust contractual structures, and it’s a clear sign that we’re working diligently to deliver on our divestment and partnerships programme.
Danielle Baron, Global Head of Energy & Real Assets, Credit Agricole CIB, said
As the ECA Coordinator and Documentation Bank for the multi-billion financing of the Greater Changhua 2 project, Crédit Agricole CIB reaffirms its strong commitment to the renewable energy sector. This landmark transaction highlights our dedication to supporting our clients and partners in delivering society’s clean energy needs. It underscores the strength of our collaboration with UKEF and the other European Export Credit Agencies, whose contribution have been key to the development of the offshore wind sector in the APAC region.
This announcement helps to deliver UKEF’s goal to provide at least £10 billion of financing for sustainable and renewable projects by 2030, enabling the UK to build export opportunities in clean growth sectors while supporting global decarbonisation efforts.
