Today (April 24), Formosa 2 Wind Power Co., Ltd. (Formosa 2) proudly hosted its "Refinancing Ceremony" in Taipei. The grand event brought together key domestic and international financial representatives, project partners, and team members to celebrate the successful close of its approximately NT$58.9 billion refinancing facility.
This gathering did not just mark the first completed offshore wind refinancing in both Taiwan and the Asia-Pacific region; it also celebrated an extraordinary behind-the-scenes achievement: this landmark transaction was accomplished in just around four months from official launch to financial close! This rapid and highly efficient milestone showcases the exceptional execution capabilities of the Formosa 2 management team and financial advisors. It also strongly reflects the financial market's profound confidence in the project's high asset quality, stable operations, and long-term potential.
During the ceremony, representatives from Formosa 2’s two major shareholders, the project team and the financial advisor took the stage to share insights on the project’s steady operational performance and the successful refinancing journey.
Lucas Lin, Chairperson of Synera Renewable Energy (SRE), stated: “We are deeply grateful for the support of all our financing partners. Since commissioning, Formosa 2 has delivered strong performance, providing a steady supply of green power to businesses and households across Taiwan. This is a testament to our team’s professionalism and dedication at every stage, from site selection and construction to operations and maintenance. Offshore wind development remains as challenging as ever, yet SRE remains steadfast in its commitments, advancing our projects and contributing to the energy transition in Taiwan and across the region.”
Richard Fitter, Head of Operating Asset Finance at JERA Nex bp, shared: “This is an important milestone not only for Formosa 2, but also for offshore wind energy in the Asia Pacific, demonstrating that our industry is in a strong position to lead the energy transition.”
Nuta Chen, Chief Executive Officer of Formosa 2, also emphasized that the successful completion of this refinancing reflects market confidence in the long-term development of Taiwan’s offshore wind sector. Formosa 2 will continue to build on stable operations, strengthen asset value, and contribute to Taiwan’s energy transition.
Raphael Chabrolle, Head of Renewables Advisory at Sumitomo Mitsui Banking Corporation (SMBC), stated: “As the sole financial advisor, we are incredibly honored to witness the completion of this first-of-its-kind transaction in the APAC region. This achievement proves the high quality and stability of Formosa 2, while also showcasing Taiwan's mature green finance market and excellent liquidity, setting a new paradigm for future energy transition.”
The transaction attracted participation from 31 financial institutions across three categories. All 4 original Export Credit Agencies (ECAs) from the initial financing — The Korea Trade Insurance Corporation (K-SURE), Credendo – Export Credit Agency, The Export and Investment Fund of Denmark (EIFO), and UK Export Finance (UKEF) — continued their support, providing a robust credit foundation for the facility.
The domestic lender group comprised 17 Taiwanese institutions, including 8 state-owned banks: Mega International Commercial Bank, Taiwan Cooperative Bank, First Commercial Bank, Land Bank of Taiwan, Taiwan Business Bank, Hua Nan Commercial Bank, Chang Hwa Bank, and the Export-Import Bank of the Republic of China. Nine private Taiwanese banks also participated: SinoPac Bank, CTBC Bank, E.Sun Bank, Taipei Fubon Bank, KGI Bank, Taishin International Bank, Taiwan Shin Kong Bank, Taichung Bank, and EnTie Commercial Bank. Notably, SinoPac Bank and Taichung Bank joined a Taiwan offshore wind financing for the first time.
Furthermore, 10 leading international banks—including Sumitomo Mitsui Banking Corporation (SMBC), OCBC, Standard Chartered Bank, DBS Bank, Bank of East Asia, MUFG Bank, BBVA, Korea Development Bank, ING Bank, and Commerzbank—joined the syndicate. Ultimately achieving an oversubscription of more than two times, the transaction set a new record for Taiwan's offshore wind financing market.
Since entering commercial operations in 2023, Formosa 2 has maintained stable performance and generates enough clean electricity to supply approximately 380,000 households annually. Through today's ceremony, Formosa 2 has once again united the shared vision of all its partners. With this profound trust and support, we will continue to build on our solid operational foundation and work together to drive Taiwan's energy transition and sustainable future.