Yunneng Wind Power, the company responsible for the construction and operation of the 640 MW Yunlin offshore wind project in Taiwan, has received the necessary approvals from Taiwanese authorities to enable the completion of its financial restructuring announced in August 2023.
Approvals for the extended financing were awarded by Taiwan’s Ministry of Economic Affairs and Energy Administration.
The Yunneng Wind Power consortium comprises Skyborn Renewables, TotalEnergies, EGCO Group, and a Sojitz Corp-led consortium which also includes Chugoku Electric Power, Chudenko Corporation, Shikoku Electric Power, and JXTG Nippon Oil & Energy Corporation.
The financing consortium has remained unchanged since the initial financial close and includes more than two dozen Taiwanese and global banks, along with export credit agencies, said Skyborn.
With financing and regulatory approvals in place, the Yunlin project is set to proceed with installations in 2024, according to Skyborn.
The amended completion plan targets the installation of all 80 wind turbines during 2024.
“So far, 34 of 80 wind turbine generators have been put online enabling the project to generate active revenues from the electricity fed into the Taiwanese power grid. Moreover, the installation teams have reached a level of 45 monopile foundations, 26 inner array grid and 12 export cables laid,” said Thomas Karst , CEO of Skyborn.
The 640 MW Yunlin offshore wind project is located in the Taiwan Strait, between 8 and 17 kilometres off the west coast of Taiwan, at water depths from 7 up to 35 metres.
The 82 square-kilometre area will comprise 80 wind turbines whose generated electricity will be fed into the Taiwanese power grid via two onshore substations near the townships of Taixi and Sihu in Yunlin County.
Electricity from the project is provided to Taiwan Power Co. (Taipower) under two 20-year power purchase agreements.
Once completed, the offshore wind project will produce enough renewable energy to serve the electricity needs of more than 600,000 Taiwanese households.