Daily News: May 6, 2019

Bank of Taiwan, Others Support Orsted Purchase of Wind Farms

Denmark-based Orsted has finalized plans to invest NT$165 billion (US$5.35 billion) to develop two offshore wind farms with total capacity of 90MW to the west of Changhua County, central Taiwan, with construction to begin in May 2019 and completion in 2021.

The economics ministry has approved Orsted’s proposal for setting up its supply chain for the project: Chin Fong Machine Industrial and Korea-based CS Wind to make offshore wind turbine towers; Spain-based Siemens Gamesa Renewable Energy to produce offshore wind turbines; SinDa Marine Structure to make underwater foundations; CSCB Corp Taiwan, Formosa Heavy Industries and Century Iron & Steel Industrial jointly to make underwater foundation piles; Star Energy to establish onshore transformation stations and power transmission systems; Woen Jinn Harbor Engineering to lay underwater cables; TIPC Marine and POSH Kerry Renewables jointly to operate marine logistics vessels for operation and maintenance of the turbines.

For project financing, Orsted has invited Bank of Taiwan, Cathay United Bank and BNP Paribas as arranging banks for a five-year revolving credit facility of NT$25 billion (US4810 million).