Formosa 2 Holds Refinancing Ceremony　Marking Taiwan and Asia-Pacific Offshore Wind Milestone

Formosa 2 held a refinancing ceremony in Taipei on April 24 with representatives from shareholders, financial institutions and project partners. (Source: Formosa 2)

Formosa 2 Wind Power Co., Ltd. held a refinancing ceremony in Taipei on Friday to mark the completion of its approximately NT$58.9 billion refinancing and to thank the shareholders, financial institutions and project partners involved in the transaction.

The refinancing was the first completed for an offshore wind project in Taiwan and the first of its kind in Asia-Pacific, reflecting the sector's transition into a more mature operating phase. Representatives from shareholders Synera Renewable Energy (SRE) and JERA Nex bp and the participating financial institutions attended the event.

Speakers Reflect on Milestone and Next Phase

At the ceremony, representatives from Formosa 2's two shareholders, the project team, and the financial adviser spoke about the project's stable operations, the successful completion of the refinancing and expectations for the next stage of development.

Lucas Lin, Chairperson of 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, said: "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. JERA Nex bp is proud to have been a pioneer in Taiwan and is committed to supporting the development of offshore wind across the region."

"The successful completion of this refinancing marks an important milestone for Formosa 2 and reflects market confidence in the long-term development of Taiwan's offshore wind sector." said Nuta Chen, Chief Executive Officer of Formosa 2. "We thank our shareholders, financial institutions and all project advisors for their support. Formosa 2 will continue to build on stable operations, strengthen asset value and contribute to Taiwan's energy transition."

A 31-member Financing Group, with First-time Domestic Participants

Group photo of distinguished guests at the Formosa 2 Refinancing Ceremony. From left to right: Linda Lai, Senior Vice President of Bank SinoPac; Carol Ho, Director (Head of Agency) of MUFG Bank; Nuta Chen, CEO of Formosa 2; Lucas Lin, Chairman of Synera Renewable Energy (SRE); Richard Fitter, Head of Operating Assets Finance of JERA Nex bp; Akira Hiyama, Managing Director, Structured Finance Department Asia of SMBC; Vincent Wu, Managing Director of DBS Bank ; and Maggie Cheng, Senior Vice President of CTBC Bank. (Source: Formosa 2)

The refinancing attracted final commitments of more than twice the target amount, highlighting lender appetite for operating offshore wind assets in Taiwan. The financing group comprised four international export credit agencies that also participated in the project's original financing, along with 10 international banks and 17 domestic financial institutions, including eight state-owned banks and nine private banks. SinoPac Bank and Taichung Bank participated in a Taiwan offshore wind financing for the first time, signaling broader domestic acceptance of the asset class.

Stable Operations and Energy Transition

Since entering commercial operations in 2023, Formosa 2 has maintained stable performance and generates enough electricity to supply about 380,000 households annually. The refinancing marks the project's completion of the full cycle from development and construction to operating-stage financing, and may serve as a reference point for future offshore wind projects in Taiwan and elsewhere in Asia-Pacific.

With the support of Synera Renewable Energy (SRE) and JERA Nex bp, Formosa 2 said it will continue to build on a solid operational and financial foundation and contribute to the development of Taiwan's offshore wind sector and broader energy transition.

About Formosa 2 Wind Power Co., Ltd.

Formosa 2 is a 376 MW offshore wind farm located off Zhunan, Miaoli County, on the northwestern coast of Taiwan. The project is jointly owned by Stonepeak-backed Synera Renewable Energy Group (51%) and JERA Nex bp (49%). All 47 wind turbine generators were installed by January 2023, with full grid connection achieved in March 2023. Commercial operations commenced on September 8, 2023. The farm is capable of supplying electricity to approximately 380,000 Taiwanese households annually. For more information, please visit: https://formosa2windpower.com/en/