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Financing obtained for the realization of the project
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Progress and commitment to clean energy
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Stable Funding Consortium
Yunneng Wind Power Co., Ltd. (Yunneng), the company responsible for the construction and operation of the 640 MW Yunlin offshore wind farm project in Taiwan (Yunlin Project), has received the necessary approvals from the Taiwanese authorities, namely the Ministry of Economic Affairs and Administration energy, to enable the success of its financial restructuring announced in August 2023. Since its financial close in 2019, the Yunlin project has been a key priority for Skyborn Renewables (Skyborn) and its Yunneng partners, TotalEnergies, (EGCO) and Sojitz Corporation (Sojitz).
Thomas Karst, CEO of Skyborn, said: “This marks the final step needed to secure funding for the completion of the project, following the main agreement with lenders and sponsors in August 2023. We express our gratitude to the government Taiwanese for his continued support throughout the project. the project.” Commenting on the progress of the project, Karst added: “So far, 34 of the 80 wind turbines have been commissioned, allowing the project to generate active income from the electricity injected into the electricity grid In addition, the installation teams reached a level of laying 45 monopile foundations, 26 interior grids and 12 export cables. The successful financing and significant construction progress made this year demonstrate our commitment to of Taiwan’s clean energy transition as well as our project management capabilities.
The financing consortium has remained unchanged since the initial financial close and includes more than two dozen reputable Taiwanese and global banks, as well as export credit agencies. The project’s main sponsors have committed significant additional funds to ensure the project’s completion. With financing and regulatory approvals in place, the Yunlin project is expected to proceed with installations in 2024 and reach CoD (commercial operation date). The project team and all contractors are working at full capacity to achieve the planned goals. The amended completion plan aims to install all 80 wind turbines during 2024.
The Yunlin Project is located in the Taiwan Strait, 8 to 17 kilometers off the west coast of Taiwan, in water depths ranging from 7 to 35 meters. The 82 km² project area will include 80 wind turbines whose generated electricity will be injected into Taiwan’s power grid via two onshore substations near Taixi and Sihu townships in Yunlin County.
Power from the project is supplied to Taiwan Power Co. (Taipower) under two 20-year power purchase agreements. Once completed, the 640 MW Yunlin project will be one of Taiwan’s largest offshore wind farms, producing enough clean energy to meet the energy needs of more than 600,000 Taiwanese households.
Shareholders of Yunneng Wind Power Co., Ltd.
Skyborn Renewable Energy
Skyborn Renewables (Skyborn) is an accomplished offshore wind developer and operator with over 20 years of experience, headquartered in Germany. Our capabilities span the entire offshore wind value chain, including new facility development, project engineering and design, procurement, financing, power purchase agreements and more. enterprise, construction management and asset management. Skyborn is a portfolio company of Global Infrastructure Partners (GIP), a leading infrastructure investor headquartered in New York, USA.
TotalEnergies
TotalEnergies is a global multi-energy company, active in more than 130 countries, which produces and markets energies: oil and biofuels, natural gas and green gases, renewable energies and electricity. As part of its ambition to achieve net zero emissions by 2050, TotalEnergies is building a world-class, cost-competitive portfolio combining renewable energies (solar, onshore and offshore wind) and flexible assets (CCGT, storage) to provide clean and firm energy to its customers. At the end of 2023, TotalEnergies’ gross installed renewable electricity production capacity is 22 GW. TotalEnergies will continue to develop this activity to reach 35 GW in 2025 and more than 100 TWh of net electricity production by 2030.
The Public Electricity Production Company Limited (EGCO)
EGCO Group, Thailand’s leading independent power producer, focuses on clean and socially responsible energy businesses in Asia and North America. The Company’s facilities produce electricity from a variety of fuel sources and the Company has established an internal goal to achieve carbon neutrality within its operations by 2040.
Sojitz Corp.
Sojitz Corporation is a leading investment and trading company in Japan that conducts its extensive operations in approximately 50 countries around the world through approximately 440 consolidated subsidiaries and affiliates located in Japan and abroad. Sojitz was born from the union of Nichimen and Nissho Iwai Corp. Both with a long history of investing globally for over 160 years, Sojitz is a listed company on the Tokyo Stock Exchange.
Contact for journalists:
Meike Wulfers
Corporate communications manager
[email protected]
+49 (151) 50124410
This press release and press photos are available at
https://www.skybornrenewables.com/articles/newsroom/yunlin_finance_completion
About Skyborn Renewables
Skyborn Renewables is driving global decarbonization by accelerating offshore wind energy across the world. We believe that offshore wind is the cornerstone of the clean energy transition and a tool to achieve net zero emissions targets, ensure energy security and develop a sustainable energy supply for future generations. Skyborn is an accomplished offshore wind developer and operator with over 20 years of experience. Our capabilities span the entire offshore wind value chain, including new facility development, project engineering and design, procurement, financing, power purchase agreements and enterprise, construction management and asset management.
For more information, visit
www.skybornrenewables.com
The issuer is solely responsible for the content of this announcement.
