The Canadian company Northland Power and the Japanese giant Mitsui have made a final investment decision (FID) on the 1 GW Hai Long offshore wind power project, after having signed a TWD118bn (US$3.7bn) credit agreement to finance the project located off Chuanghua County, on Taiwan’s west coast. The 20-year non-recourse project financing will be provided by over 15 international and local lenders with support from multiple Export Credit Agencies (ECAs) from six different countries.
The 1,022 MW Hai Long project, which is projected to require a total investment of about US$9bn, consists of several phases, namely Hai Long 2A (294 MW), Hai Long 2B (224 MW) and Hai Long 3 (504 MW). It has obtained all environmental approvals and its major construction permit. The project, owned by Northland Power at 60%) and Mitsui at 40%, is expected to be completed by 2026, while commercial operations would start in 2027.
At the end of 2022, offshore wind represented less than 1% of Taiwan’s installed capacity (with 237 MW), as the island only installed its first offshore wind turbine in 2017. Onshore wind capacity stood at 1.34 GW at end-2022. Currently, Taiwan has nearly 3 GW of wind projects under construction and over 20 GW under development.
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