- UK Export Finance (UKEF) is a main finance provider in the multinational Formosa 2 project to construct a 376 megawatt offshore wind farm in the Taiwan Strait
- The project forms part of the Taiwanese authorities’ plan to reduce reliance on fossil fuel energy
- UKEF support crucial to securing opportunities for UK companies on the project
- Further proof that the UK is a world leader in clean energy with a new offshore wind farm in Taiwan to be built with British expertise and backed by UKEF
UK Export Finance, the UK’s export credit agency, has today, Tuesday 5 November, announced that it is providing a NT$9.2 billion of (£230 million) project finance guarantee to support the construction of an offshore wind farm in the Taiwan Strait.
The Formosa 2 wind farm project is led by Macquarie’s Green Investment Group and Swancor Renewable Energy, and involves the construction of 47 new turbines generating 376 megawatts of green energy, forming part of the Taiwanese authorities’ target of generating 20% of its power from renewable sources by 2025.
As a result of UKEF’s support for this project, UK companies will be involved in the construction of the Formosa 2 offshore wind farm, helping to unlock the export potential of this growing sector of the UK economy.
The UK is one of the world’s largest generators of offshore wind energy. It is home to the largest offshore wind farm in the world, the Walney Extension off the Cumbrian Coast, and is responsible for over 44% of Europe’s offshore wind energy.
UKEF has provided its support in New Taiwanese Dollars, one of over 60 currencies in which UKEF can offer financing, protecting the buyer from market fluctuations and making sourcing from the UK more attractive.