Wpd Taiwan Energy Co Ltd (達德能源), the local subsidiary of Germany-based Wpd Group, on Wednesday said it is to receive about NT$82.5 billion (US$2.83 billion) in project financing from 12 domestic banks to develop offshore wind farms.
The company has received substantial support from local lenders, including two state-run banks, Wpd Taiwan chairwoman Yuni Wang (王雲怡) said at a workshop in Taipei.
The financing project marks Wpd Taiwan as the first operator of offshore wind farms to secure funding from state-owned financial services providers, the company said.
State-run banks are generally more conservative about investing in businesses that develop offshore wind power, especially after the high-profile loan fraud involving Ching Fu Shipbuilding Co (慶富造船), Wang said.
Wpd Taiwan could secure the support of state-owned lenders because the company has been working on energy projects in Taiwan for more than 10 years, she said.
The NT$82.5 billion fund, which makes up about 81 percent of the wind power financing project, has the highest participation of Taiwanese banks compared with projects advanced by other wind farm operators in Taiwan, she said.
Local participants include Cathay United Bank (國泰世華銀行), CTBC Bank (中信銀行) and E.Sun Commercial Bank (玉山銀行).
A total of 39 investors have expressed interest in joining the financing project, including 12 foreign banks and 15 foreign financial institutions, Wpd Taiwan said.
The firm, which aims to develop an offshore wind farm in Taoyuan and one in Yunlin, is to join a selection process for offshore wind farm projects held by the Ministry of Economic Affairs next month.
The Executive Yuan has set a target of 0.52 gigawatts of installed capacity at offshore wind farms by 2020.
BULLISH: Although the central bank has turned the nation’s currency into a winner against Asian peers, it is still down more than 4 percent against the US dollar this year The Singapore dollar this year has established itself as Asia’s most resilient currency against the US dollar, and some strategists are betting on more strength if price pressures force the nation’s central bank to tighten its exchange-rate policy again next month. Goldman Sachs Group Inc, Citigroup Inc and MUFG Bank Ltd are among banks that are bullish on the currency, underpinned by an expectation that the Monetary Authority of Singapore (MAS) could extend policy tightening at its October meeting to help rein in core inflation, which hit a 14-year high in July. The predictions come as almost every major currency retreats against
Apple Inc might make one out of four iPhones in India by 2025, JPMorgan & Chase Co analysts said yesterday, as the tech giant moves some production away from China, amid mounting geopolitical tensions and strict COVID-19 lockdowns in the country. JPMorgan expects Apple to move about 5 percent of iPhone 14 production from late this year to India, which is the second-biggest smartphone market in the world after China. It is also estimating that about 25 percent of all Apple products, including Mac, iPad, Apple Watch and AirPods, would be manufactured outside China by 2025 from 5 percent currently. The US company
HEADING SOUTH: The US company chose Kaohsiung as its site as more customers, partners and start-ups have expanded their operations to the southern city Qualcomm Inc yesterday inaugurated a new innovation center in Kaohsiung as it steps up efforts to foster local start-ups and a 5G technology ecosystem in the city, following in the footsteps of its local partners. The US chip company’s move fits the Kaohsiung City Government’s plan to build a semiconductor supply chain within the next five years, highlighted by Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) first chip plant in the city. TSMC plans to start building the factory by the end of this year, and to start production of 28-nanometer and 7-nanometer chips there in 2024. Qualcomm said it had been
SLUMPING DEMAND: Inventory has climbed by up to 12 weeks as suppliers are under mounting pressure to offload excessive reserves, a TrendForce report said The price of DRAM chips is expected to fall at a steeper rate of 13 to 18 percent next quarter, as high inflation continues to weigh on demand for consumer electronics, causing chip inventories to soar, market researcher TrendForce Corp (集邦科技) said yesterday. The downtrend in DRAM prices could extend from a quarterly decline of 10 to 15 percent in the third quarter, the Taipei-based researcher said. “Demand for consumer electronics continued to stagnate during the third quarter, which used to be a high demand season,” TrendForce said in a statement. “During the quarter, memorychip consumption and shipments both showed quarterly