UK Export Finance (UKEF) is providing a £184 million credit
guarantee to support the construction of the 495 MW Fengmiao 1
offshore windfarm in Taiwan, securing £55 million in
manufacturing and service export contracts for British suppliers.
UKEF is the government's export credit agency, providing support
to help exporters win and deliver new overseas contracts.
Cadeler – a company with operations based in East Anglia – will
be contracted to supply an installation vessel together with
crew, sea-fastening services and crane operators.
This latest Buyer Credit Guarantee from
UKEF forms part of a wider $3.7 billion financing package by
Copenhagen Infrastructure Partners (CIP). This involves export
credit agencies from Denmark, Netherlands, Poland, Belgium, and
Taiwan.
Located off the west-coast of Taichung City, the offshore wind
site is due to be completed in 2027.
The Fengmiao 1 project will result in estimated annual greenhouse
gas emissions savings equivalent to emissions from a quarter of a
million cars.
Promoting investment into British businesses and employers,
UKEF's decision to back the project supports this government's
Plan for Change to boost economic growth across all regions and
promote the UK's clean-growth expertise.
Business and Trade Secretary said:
Being absolutely committed to delivering economic growth under
the Plan for Change means we are using every tool at our disposal
to enable British businesses to succeed.
This deal harnesses the power of commerce to drive the energy
transition whilst securing lucrative new opportunities for UK
businesses and supporting job creation in local communities.
Mikkel Gleerup, Chief Executive Officer at Cadeler
added:
We are grateful to UKEF for the support they are providing to the
Fengmiao 1 Project—an important milestone in Cadeler's continued
expansion into Taiwan's offshore wind market.
UKEF's backing highlights the importance to Cadeler and its
clients of our operations in the United Kingdom, with our
UK-owned installation vessels and East Anglia-based team
supporting offshore wind development both at home and abroad.
Cadeler remains committed to advancing offshore wind in the APAC
region and beyond.
Thomas Wibe Poulsen, Partner and Head of Asia-Pacific at
CIP, said:
Financial close on Fengmiao I is the culmination of years of hard
work and dedication from the project team, suppliers,
contractors, banks, ECAs and offtakers. It is the first offshore
wind project in Taiwan to be supported by a portfolio of
corporate offtakers in Taiwan and Fengmiao I sets a new benchmark
for the country's rapidly maturing offshore wind market.
