The Hai Long offshore wind project, jointly invested and developed by Mitsui & Co., Northland Power Inc., and Gentari, has announced the completion of a NT$55 billion incremental financing package, structured within the existing project financing framework. By securing increased financing on more competitive terms, the incremental financing further optimises the project's capital structure and strengthens its financial foundation for completion of the construction and long-term opera-tions.
In addition to the continued support of the original seven export credit agencies (ECAs) and the existing lending syndicate, this financing has also attracted participation from the National Credit Guarantee Administration (NCGA) and 17 financial institutions. The incremental financing includes six existing lenders that increased their commitments – Taipei Fubon Commercial Bank, The Hongkong and Shanghai Banking Corp., Crédit Agricole Corporate and Investment Bank, CTBC Bank, DBS Bank, King's Town Bank – as well as 11 banks participating in the project’s financing structure for the first time, comprising domestic state-owned, commercial, and international banks: 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 S.A. Overall, the total number of financial institutions supporting the project has increased to 35.
One of the key highlights of this financing is the expanded participation of Taiwanese banks, which have joined existing domestic and international financial partners in supporting our project. This not only demonstrates the financial market's long-term confidence in the Hai Long project and Taiwan's energy transition, but also underscores the continued maturity of Taiwan's green finance market in attracting diversified capital to major energy infrastructure projects and their commitment to supporting green projects at home.
Tim Kittelhake, CEO and Project Director of Hai Long project, stated: “This financing optimisation demonstrates the strong collaboration among the government, financial sector, and private enterprises in advancing Taiwan's energy transition and the development of green finance. We sincerely thank all our financial partners and government authorities for their continued trust and support. Together with our industry partners, Hai Long remains committed to delivering the project safely, on schedule, and to the highest quality standards, providing stable and clean electricity while contributing to Taiwan's energy security, energy resilience, and 2050 net-zero transition.”
Located approximately 45 – 70 km off the coast of Changhua County, the Hai Long offshore wind project will comprise 73 wind turbines with a total installed capacity exceeding 1 GW. Construction is progressing steadily toward full completion and grid connection by the end of 2026. Once operational, Hai Long will become the largest single offshore wind farm in Asia, generating enough clean electricity each year to meet the annual power demand of more than 1 million Taiwanese households.
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