By: Emerson Lim
Taipei, Nov. 5 (CNA) U.K. Export Finance (UKEF), the official export credit agency of the UnitedKingdom, will provide NT$9.2 billion (US$296.9 million) in support of U.K. businesses supplying a large-scale wind farm off the coast of Taiwan, the British Office Taipei announced Tuesday.
"UKEF provides its support in Taiwan dollars, one of over 60 currencies in which UKEF can offer financing. This protects the buyer from market fluctuations and makes sourcing from the U.K. more attractive," the office said.
The Formosa 2 wind farm project, aimed at reducing Taiwan's reliance on fossil fuel energy, is led by Macquarie's Green Investment Group, the lead project sponsor, and Swancor Renewable Energy. It involves the construction of 47 turbines generating 376 megawatts of green energy, forming part of the government's target of generating 20 percent of its power from renewable sources by 2025.
As a result of UKEF's support, U.K. companies will be involved in the construction of the wind farm, helping to unlock the export potential of this growing sector of the U.K. economy, the office said.