EXPORT FINANCE AUSTRALIA ACHIEVES MAJOR MILESTONE WITH FIRST OFFSHORE WIND FINANCING

The following information was released by the Export Finance and Insurance Corporation (EFIC) of Australia:

Export Finance Australia will deliver its largest ever renewable energy financing, joining over 20 commercial lenders and Export Credit Agencies to support the US$6.9 billion, 1,022MW Hai Long Offshore Wind Power Project in Taiwan.

Media release

29 September 2023

Export Finance Australia (EFA) will deliver its largest ever renewable energy financing, joining over 20 commercial lenders and Export Credit Agencies (ECAs) to support the US$6.9 billion, 1,022MW Hai Long Offshore Wind Power Project in Taiwan (the Project).

The Project will involve the construction of 73 large wind turbines approximately 4570 kilometres off the Changhua coast in the Taiwan Strait.

Managing Director and CEO of EFA, Mr John Hopkins, said the transaction was EFA's first offshore wind financing.

"Renewable energy is a growth sector for EFA financings, as part of our commitment to support the huge infrastructure needs of the Indo-Pacific," Mr Hopkins said.

"This deal is a great example of how EFA works alongside commercial and government-backed financing partners to help power our region's transition to net zero."

"When completed, the Project is expected to power the equivalent of approximately one million Taiwanese households. Australia is set to become a renewable energy superpower, and delivering our largest ever renewable financing shows that EFA is helping deliver this goal."

The Project will make a significant contribution to Taiwan's renewable energy targets. Taiwan aims to achieve net zero greenhouse gas emissions by 2050 and has set a goal of installing 40 to 55 GW of offshore wind power generation capacity by 2050.

ENDS

About Export Finance Australia (EFA)

EFA is Australia's export credit agency (ECA).

EFA provides commercial finance for export trade and overseas infrastructure development. From small and medium-sized enterprises (SMEs) to large corporates, foreign Governments and infrastructure projects, we help Australian businesses take on the world. In doing so, EFA finance supports Australia's economic security and regional resilience.

EFA administers the Australian Government's National Interest Account (NIA), which currently includes the Critical Minerals Facility, the Defence Export Facility and lending for the Australian Infrastructure Financing Facility for the Pacific (AIFFP).

EFA also provides support to other Commonwealth entities, including the National Housing Finance and Investment Corporation (NHFIC) and the Northern Australia Infrastructure Facility (NAIF).