The Formosa 2 consortium, consisting of Synera Renewable Energy (SRE) and JERA Nex BP, has reached financial close on what the project shareholders say is the first offshore wind refinancing in both Taiwan and the broader Asia-Pacific region.
Supported by SMBC Group as the financial advisor, the consortium finalised a TWD 58.9 billion (approximately EUR 1.6 billion) refinancing facility. According to the project partners, the transaction was substantially oversubscribed, setting a new record in Taiwan’s offshore wind financing history.
Thirty-one financial institutions participated, including four export credit agencies (ECAs) that continue their backing of the project, 17 Taiwanese lenders (including eight state-owned banks), and ten international banks.
Formosa 2 is located 4-10 kilometres off the coast of Zhunan Township, Miaoli County, and features 47 Siemens Gamesa 8 MW wind turbines. The 376 MW offshore wind farm has been in operation since 2023.
Last year, Synera Renewable Energy acquired an additional 26 per cent stake in the offshore wind farm, raising its ownership from 25 per cent to a controlling 51 per cent.
SRE holds a stake in two operational offshore wind farms, Formosa 1 and Formosa 2, and is also developing Formosa 4 and Formosa 6 in Taiwan.