The 640MW Yunlin offshore wind project has received the necessary approvals from Taiwanese authorities for its financial restructuring, paving the way for successful completion, as announced by Skyborn Renewables and its partners in the development company Yunneng.
Taiwan's Ministry of Economic Affairs and Energy Administration granted approvals for the extended financing, following the principal agreement with lenders and sponsors in August 2023. The Yunlin project, a collaboration between Skyborn Renewables, TotalEnergies, Electricity Generating Public Company (EGCO), and Sojitz Corporation, has been a priority since its financial close in 2019.
Thomas Karst, CEO of Skyborn, expressed gratitude to the Taiwanese government for their continuous support, stating, “This marks the final step required to secure the financing for the project's completion.”
Currently, 34 out of 80 wind turbine generators are operational, generating active revenues fed into the Taiwanese power grid. Construction progress includes the installation of 45 monopile foundations, 26 inner array grids, and the laying of 12 export cables.
The financing consortium, comprising over two dozen Taiwanese and global banks, along with export credit agencies, has remained unchanged since the initial financial close. Key sponsors have committed additional funds to ensure the project's completion.
With regulatory approvals and financing in place, the Yunlin Project is on track for installations in 2024. The amended completion plan targets the installation of all 80 wind turbines throughout the course of the year.
Located in the Taiwan Strait, 8-17km off the west coast of Taiwan, the Yunlin wind farm covers an 82 sq km project area with water depths ranging from seven to 35 meters. The electricity generated by the 80 turbines will be fed into the Taiwanese power grid via two onshore substations near the townships of Taixi and Sihu in Yunlin County.