The UK Government’s export credit agency, UK Export Finance (UKEF), will provide £380m (US$466m) to fund the 1 GW Hai Long offshore wind project located in Taiwan. This financing comes on top of the more than £3bn funding package secured by Hai Long’s developers, Japan’s Mitsui and Canada’s Northland Power. This announcement came following the 26th annual UK-Taiwan trade talks in London, aimed at boosting trade and investment ties between the UK and Taiwan.
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 21 GW under development.
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