The Hai Long Offshore Wind Project has successfully completed a USD 1.71 billion incremental financing package, bringing the total number of financial institutions supporting the project to 35 and marking a significant expansion of both domestic and international banking participation in one of Taiwan's most ambitious clean energy undertakings.

New Entrants and Expanded Commitments

The incremental financing, structured within the existing project financing framework, drew participation from the National Credit Guarantee Administration as well as 17 financial institutions alongside the continued backing of seven original Export Credit Agencies.

Six existing lenders increased their commitments as part of the arrangement: Taipei Fubon Commercial Bank, The Hongkong and Shanghai Banking Corporation, Crédit Agricole Corporate and Investment Bank, CTBC Bank, DBS Bank, and King's Town Bank.

Eleven banks joined the project's financing structure for the first time. The new participants span domestic state-owned institutions, commercial banks, and international lenders: Mega International Commercial Bank, Chang Hwa Commercial Bank, The Export-Import Bank, Hua Nan Commercial Bank, Land Bank of Taiwan, Taiwan Business Bank, Taiwan Cooperative Bank, Taichung Commercial Bank, Bank of Panhsin, Entie Commercial Bank, and Société Générale S.A.

A Broadening Financial Coalition

The Hai Long Project is jointly developed and invested in by Mitsui and Co. of Japan, Northland Power Inc. of Canada, and Gentari of Malaysia. The project team described the incremental financing as achieving more competitive terms compared to the original financing structure, with the stated aim of optimizing the project's capital structure and strengthening its financial foundation ahead of construction completion and long-term operations.

The expanded participation of Taiwanese banks was highlighted by the project as a key feature of the financing round. The combined involvement of domestic state-owned banks, local commercial institutions, and global financial players reflects what the project described as the continued maturation of Taiwan's green finance market and its growing capacity to attract diversified capital to major energy infrastructure.

Tim Kittelhake, CEO and Project Director of Hai Long, said the financing optimization demonstrates collaboration among the government, financial sector, and private enterprises in advancing Taiwan's energy transition and green finance development.

"We sincerely thank all our financial partners and government authorities for their continued trust and support. Together with our industry partners, Hai Long remains committed to delivering the Project safely, on schedule, and to the highest quality standards, providing stable and clean electricity while contributing to Taiwan's energy security, energy resilience, and 2050 net-zero transition," Kittelhake said.

Scale and Construction Progress

The Hai Long Offshore Wind Project is located approximately 45 to 70 kilometres off the coast of Changhua County and will comprise 73 wind turbines with a total installed capacity exceeding 1 gigawatt. Construction is described as progressing steadily, with full completion and grid connection targeted by the end of 2026.

Once operational, the project is expected to become the largest single offshore wind farm in Asia. The project team states it will generate enough clean electricity each year to meet the annual power demand of more than one million Taiwanese households.

Context for Taiwan's Energy Transition

The financing announcement comes as Taiwan continues to scale up its offshore wind sector as part of broader efforts toward energy transition and a 2050 net-zero emissions goal.

The Hai Long Project's ability to attract 11 first-time banking participants — including both major Taiwanese public banks and an international institution in Société Générale, signals growing lender confidence in large-scale renewable energy infrastructure in the region.

The project's original lending syndicate has now been substantially expanded, with the total count of supporting financial institutions rising to 35 following this latest round.

The involvement of the National Credit Guarantee Administration alongside Export Credit Agencies from multiple countries underscores the multi-layered financing architecture underpinning the development.

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