TAIPEI (Taiwan News) – Hai Long Offshore Wind announced on Tuesday that it has secured NT$55 billion (US$1.7 billion) in incremental financing from 35 lenders, including 11 banks, to ensure grid connection by 2027, according to its press release.
Seven existing lenders raised commitments, led by Taipei Fubon Commercial Bank and Hongkong and Shanghai Banking Corporation. The National Credit Guarantee Administration also brought on board first-time lenders, including Mega Bank, Chang Hwa Bank, and Hua Nan Bank, underscoring financial market confidence in Taiwan's energy transition efforts.
The National Credit Guarantee Administration provides financial and credit guarantees to mobilize banks and insurance firms for major public and renewable energy infrastructure projects. An export credit agency can be a private, official, or semi-governmental financial institution that provides financing to help domestic companies with selling goods or services abroad.
Hai Long CEO and director Tim Kittelhake said the capital increase reflects streamlined cross-sector coordination between government, financial markets, and private developers to advance Taiwan’s energy transition and green finance. He noted Hai Long's commitment to finish the expansion on schedule to provide Taiwan with clean renewable power, strengthening energy resilience in line with the 2050 net-zero goal.
Northland Power Canada said construction is on schedule and will connect to the power grid by 2027, per Northland Power Canada's press release. Northland Power said Hai Long is expected to become one of Asia's largest offshore wind farms.
Hai Long is a joint venture by Mitsui & Co., Northland Power, and Gentari International Renewables. It is located 45–70 km off Changhua and will install 73 turbines, generating up to 1 gigawatt of power.
