Hai Long offshore wind project supported by Credendo
In September 2023, Credendo – Export Credit Agency issued a project finance insurance cover for an over 20-year door-to-door loan facility of approximately EUR 150 million. This cover is part of the multi-billion project financing package in favour of the Hai Long offshore wind project in Taiwan. Credendo’s participation is based on the involvement of DEME, whose subsidiary CSBC-DEME Wind Engineering (a Taiwanese joint venture between Taiwan’s CSBC and DEME Offshore from Belgium) will be providing services related to the transportation and installation of the foundations, turbines and offshore substations, by means of their pioneering new installation vessel the ‘Green Jade’.
The Hai Long offshore wind project is a 1,022 MW offshore wind farm under development, located in the Taiwan Strait, up to 70 km off the coast of Changhua County. Upon completion, it will be the largest offshore wind farm in Taiwan and the Asia-Pacific (APAC) region. Key sponsors and developers are Japanese company Mitsui & Co., Ltd. and Canadian company Northland Power Inc.
The long-term financing will be provided by 16 international and local lenders with support from multiple other export credit agencies.
The project is a great opportunity for Credendo to collaborate with its long-standing client DEME and to support DEME in strengthening its position in this booming sector.