Banks agree €1.5bn cash injection for 1GW Hai Long

Northland, Gentari and Mitsui have completed a €1.48bn (NT$55bn) incremental financing package to support the under-construction 1GW Hai Long offshore wind project off Taiwan.

The shareholders said 11 banks are participating in the project’s financing structure for the first time, alongside six existing lenders that have increased their commitments.

The backers added that the financing also attracted participation from the National Credit Guarantee Administration and received continued support from the original seven Export Credit Agencies and existing lending syndicate.

The 11 new banks are Mega International Commercial Bank, Chang Hwa Commercial Bank, The Export-Import Bank, Hua Nan Commercial Bank, Land Bank of Taiwan, Taiwan Business Bank, Taiwan Cooperative Bank, Taichung Commercial Bank, Bank of Panhsin, Entie Commercial Bank and Société Générale.

Taipei Fubon Commercial Bank, The Hongkong and Shanghai Banking Corporation, Crédit Agricole Corporate and Investment Bank, CTBC Bank, DBS Bank and King’s Town Bank increased their existing commitments.

The financing takes the total number of financial institutions supporting Hai Long to 35.

Hai Long said the increased financing was secured on more competitive terms and would optimise its capital structure and strengthen its financial foundation for construction completion and long-term operations.

Mitsui & Co, Northland Power and Gentari jointly invest in and develop the project, which is located approximately 45–70 kilometres off the coast of Changhua County.

Hai Long will comprise 73 wind turbines with total installed capacity exceeding 1GW, with full completion and grid connection targeted by the end of 2026.

“This financing optimization demonstrates the strong collaboration among the government, financial sector, and private enterprises in advancing Taiwan’s energy transition and the development of green finance,” said Hai Long Project chief executive and project director Tim Kittelhake.

“We sincerely thank all our financial partners and government authorities for their continued trust and support.”

More information:https://www.renews.biz/offshore-wind/banks-agree-e1-5bn-cash-injection-for-1gw-hai-long/