Hai Long 2 Offshore Wind Power and Hai Long 3 Offshore Wind Power have signed a NT$118 billion (US$3.64 billion) project loan for a 1,022-megawatt offshore wind farm off the coast of Changhua County in Taiwan.

Participating lenders are Mizuho Bank, MUFG Bank, Sumitomo Mitsui Banking Corporation, SBI Shinsei Bank, Taipei Fubon Commercial Bank, CTBC Bank, Taiwan Life Insurance, Fubon Insurance, Crédit Agricole Corporate and Investment Bank, HSBC, Standard Chartered Bank, Deutsche Bank, Australia and New Zealand Banking Group, DBS Bank, and Korea Development Bank.

Japan Bank for International Cooperation (JBIC) is contributing 101.2 billion yen (US$677 million). JBIC will also provide a NT$4.7 billion guarantee for a Taiwan dollar-denominated onshore loan by private financial institutions. Nippon Export and Investment Insurance (NEXI) and other countries’ export credit agencies will also provide an insurance or guarantee.   

Hai Long shareholders include Mitsui & Co and Northland Power of Canada. For JBIC, this is its first financing offering for an offshore wind farm in Asia.   

In its Infrastructure System Overseas Promotion Strategy 2025 (supplemented in June 2023), the Government of Japan pledged support the transition to carbon neutrality and decarbonization.

The JBIC loans are in line with this policy, financially supporting an overseas infrastructure project in which a Japanese company has invested and will be involved in terms of its operation and management for a long term, thereby contributing towards maintaining and improving the international competitiveness of Japanese industries.