Finance & Markets, Infrastructure

UK supports offshore wind deal in Taiwan with £200m

East Anglia-based company Seajacks will ship the material needed to install the turbines and Trelleborg will provide protection systems for the cables which connect the turbines to the mainland

Priyanka Shrestha
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Friday 19 February 2021
Image: Shutterstock

UK Export Finance (UKEF) is providing a £200 million buyer credit guarantee to help finance an offshore wind farm in Taiwan.

The Greater Changhua 1 Offshore Wind Farm has a capacity of 605MW, generating enough electricity to power more than 650,000 households.

The project will support Taiwan’s goal of generating 20% of its electricity from renewable energy sources by 2025.

East Anglia-based company Seajacks will ship the material needed to install the turbines and Trelleborg’s applied technologies operation in the West Midlands will provide protection systems for the cables which connect the turbines to the mainland.

International Trade Secretary Liz Truss said: “Harnessing the power of renewable energy is a vital part of our plan to build back to build back greener from the pandemic. By supporting projects like these we can help the UK lead the world in green growth and drive an exports-led, jobs-led recovery from COVID here at home.”

UKEF has now provided £500 million of financing for three offshore wind projects in Taiwan since late 2019.

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