UK Export Finance (UKEF) has announced it is providing a £230 million project finance guarantee to support the construction of an offshore wind farm in Taiwan.

The Formosa 2 wind project, led by Macquarie’s Green Investment Group (GIG) and Swancor Renewable Energy, involves the installation of 47 turbines with a total capacity of 376MW.

The project is part of Taiwan’s target of generating 20% of its electricity from renewable energy sources by 2025.

Taiwan is currently developing 5.5GW of offshore wind up to 2025 and has an ambition of adding a further 5GW of capacity by 2030.

UKEF Chief Executive Louis Taylor said: “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.”