UK Export Finance backs Greater Changhua 1 with £200 million
UK Export Finance (UKEF) is providing a £200 million buyer credit guarantee to help finance the Greater Changhua 1 offshore wind farm in Taiwan.
UK companies Seajacks and Trelleborg have already capitalized on UKEF’s support by winning export contracts with project developer Ørsted.
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 cables connecting the turbines to the mainland.
UKEF has now provided £500 million of financing for three offshore wind projects in Taiwan alone since late 2019.
“Harnessing the power of renewable energy is a vital part of our plan 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,” said Liz Truss, International Trade Secretary.
Greater Changhua 1 is part of the 900 MW Greater Changhua 1 & 2a offshore wind farm. Ørsted kicked off the construction work of the onshore substations and onshore transmission system in November 2019.
At the end of 2020, a consortium of Caisse de dépôt et placement du Québec (CDPQ) and Taiwanese private equity fund Cathay PE announced the acquisition of 50% ownership share in the 605 MW Greater Changhua 1.
Changhua 1 and 2a, which will feature 111 Siemens Gamesa 8 MW turbines some 35 to 50 km off the coast, is scheduled to be built in 2022.