Financial close achieved for Taiwan’s Formosa 2 offshore wind farm

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• Taiwan’s Formosa 2 offshore wind farm reaches financial close.
• Once complete, Formosa 2 will be one of the largest offshore wind projects in Taiwan, displacing an estimated 18,750 kt CO₂e over its lifetime.
• The NT$62.4 bn project will be financed by a consortium of 20 international and local Taiwanese financial institutions.

Macquarie’s Green Investment Group (GIG)* today announced the successful financial close for Taiwan’s Formosa 2 offshore wind farm.

Formosa 2 has been jointly developed by Macquarie Capital (75%) and Swancor Renewable Energy (25%). GIG will now play a key role in delivering the project through its construction phase. The 376 MW offshore wind project located off the coast of Miaoli will utilise 47 market-leading 8 MW turbines. Once complete, it is estimated to displace 18,750 kt CO2eover its lifetime while powering the equivalent of 380,000 households annually.

Total funding for the project of NT$62.4 bn, will be financed by a consortium of 20 international and local Taiwanese financial institutions. The significant interest shown by the financial consortium has demonstrated the attractiveness of the Formosa 2 project and the offshore wind potential in Taiwan. The financing will be used to support the development and construction of the project.

"We are delighted to announce Formosa 2’s financial close, the project marks another important step in Taiwan’s renewable energy transition. GIG is committed to supporting Taiwan in achieving its green energy ambitions and, together with Formosa 1 and Formosa 3, our projects could deliver up to 2.5 GW of offshore wind energy. Taiwan is fast becoming Asia’s foremost offshore wind market and we are proud to be playing a leading role in its offshore wind story."

Mark Dooley
Global head of Macquarie’s Green Investment Group

"As Formosa 2 progresses through its construction phase it will benefit from the collaboration of both local and international contractors during the works – Fortune Electric will deliver the onshore infrastructure required to connect the project to the local electricity network, Jan de Nul will deliver the foundations and offshore cables and Siemens Gamesa will deliver the wind turbines."

Kimberly Cram
Formosa 2 Project Director

Statement of Green Impact

GIG Carbon Score for this project

GIG’s Carbon Score is a measure of a project’s lifecycle greenhouse gas emissions compared to the emissions of the baseline that it displaces. Projects with the lowest lifecycle emissions relative to the baseline would score the highest ratings from AAA to B. Projects with lifecycle emissions similar to the baseline would score a C, and projects with greater emissions would score a D or E.

For further information on how we are advising clients on understanding the green impact of investments, please see green impact advisory.