Swancor Industry Co Ltd (上緯), which manufactures rotor resin for wind turbines and corrosion-resistant materials, yesterday inked NT$2.5 billion (US$76.85 million) financing deal to construct two wind turbines off the coast of Taiwan.
Cathay United Bank Co (國泰世華銀行) is the lead bank for the syndicated loan.
This represents Taiwan’s first financing deal in line with the Equator Principle, a benchmark in the financial industry for identifying, assessing and managing environmental and social risk in bank financed projects.
The five-year deal was between Swancor subsidiary Formosa I Wind Power Co Ltd (海洋風力發電) and a consortium of arrangers including Cathay United Bank, EnTie Commercial Bank (安泰銀行) and BNP Paribas SA.
Swancor planned to set up two exemplary offshore wind turbines in the first phase and install 30 more turbines by seeking specialized financing and interested investors.
Swancor chairman Robert Tsai (蔡朝陽) said at a signing ceremony in Taipei that 70 percent of the investment would come from financing, with its own funds making up for the remainder.
The offshore wind field in waters off the coast of Miaoli County’s Zhunan Township (竹南) led by Swancor is expected to reach NT$20 billion in total capital investment, Cathay Financial president Lee Chang-ken (李長庚) said.
“I hope more banks will join us in investing in green energy in Taiwan,” Lee said.
Tsai said that he is disappointed that no state-owned banks participate in the loans, as construction projects like wind power merit everyone’s attention.
The incoming Democratic Progressive Party administration has set a goal of making sources of renewable energy generate 50 billion kilowatt hours of power annually by 2025, stricter than a previous plan of 40 billion kilowatt hours annually by 2030.
“The new government must think of a way to fill the gap,” an official at Swancor said, adding that the company would accommodate the government’s goal.
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