Formosa 2 Achieves Landmark Refinancing, Setting Multiple Milestones for Taiwan and APAC Offshore Wind

Source: Formosa 2

Formosa 2 Offshore Wind Farm (Formosa 2) on 23rd announced the successful completion of its refinancing, securing approximately NT$58.9 billion. This transaction marks the first completed offshore wind refinancing in both Taiwan and the Asia-Pacific region. The deal received an enthusiastic response from the financial market, achieving more than two times oversubscription and setting a new benchmark in Taiwan's offshore wind financing history.

Located off the coast of Miaoli, Formosa 2 has demonstrated stable operational performance since commencing commercial operations. The successful refinancing not only signals a new phase of maturity for Taiwan's offshore wind sector, but also establishes a pioneering model for financial management within the industry.

Taiwan is among the most proactive markets in Asia in advancing offshore wind development, with a government target of reaching 18.4 GW of installed capacity by 2035. Prior to this transaction, no offshore wind project in Taiwan had completed refinancing. The success of Formosa 2 represents the first full validation of the project financing lifecycle in Taiwan's offshore wind sector, setting a valuable precedent for future domestic projects and offering a reference model for other Asia-Pacific markets. It also reflects increasing familiarity and confidence among financial institutions in offshore wind assets, particularly their stable, long-term cash flow characteristics.

The refinancing is supported by a robust credit structure, with continued backing from four export credit agencies (ECAs): Korea Trade Insurance Corporation (K-SURE), Credendo of Belgium, Export and Investment Fund of Denmark (EIFO), and UK Export Finance (UKEF). The transaction also attracted broad participation from 17 Taiwanese financial institutions and 10 leading international banks, underscoring strong global and domestic investor confidence. Notably, new participants in Taiwan's offshore wind financing, including Bank SinoPac and Taichung Commercial Bank, highlight the expanding acceptance of such assets in the local market.

The final subscription amount significantly exceeded initial targets, demonstrating strong recognition of Formosa 2's asset quality, operational performance, and project management capabilities. It also reflects firm confidence in Taiwan's renewable energy policies and the long-term growth prospects of offshore wind. Backed by its shareholders—Synera Renewable Energy Group (SRE Group) and JERA Nex bp—Formosa 2 will continue to build on a solid financial foundation to support Taiwan's energy transition and contribute to sustainable development milestones.