Zhongneng offshore wind farm secures $1.8M syndicated loan

Wind energy – Taiwan

China-Steel & CIP backed Zhongneng offshore wind farm has secured a syndicated loan for its 300MW project off Taiwan’s Changhua County.

Five state banks including Bank of Taiwan, Megabank, Taiwan Cooperative Bank, First bank, Land Bank of Taiwan as well as several large-scale private commercial banks such as CTBC Bank are involved with the green financing and will be led by Bank of Taiwan, Megabank, Taiwan Cooperative Bank. The official announcement and signing will take place in by Q4 the latest.

China Steel has sent a ‘Letter of Support’ to 11 domestic banks. What attracts local bankers is that the loan falls under Taiwanese government’s ‘5+2 strategic industry’ and is valid for incentives provided by FSC’s green financing plan.

 The total interest rate of the syndicated loan is about 3%, 20 years per term. China Steel has also made important assets of the wind farm, such as turbines as well as shares of wind farm, bank accounts, real estate and performance guarantee signed with suppliers under Zhong Fa Holdings will be listed as collateral for the loans.

Original Source: https://ocean-energyresources.com/2021/07/21/zhongneng-offshore-wind-farm-secures-1-8m-syndicated-loan/