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Houlong wind: Currency affairs
28 November 2011
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[wpd]
[infravest]
[euler hermes]
[kfw-ipex]
German renewables developers InfraVest and wpd closed the debt financing for their Eu91.4 million ($128.1 million) Houlong wind farm in Taiwan on 25 October. The 57.9MW project is the fifth that the pair have developed in the country and cements their position as the only independent renewables developer of any size in the country.
The two sponsors have a six-year history of financing wind projects in Taiwan, and the latest financing gives some indication of how market conditions have changed in the country since the pair’s first project, 50MW Miaoli, closed in 2005. Miaoli used a German-centric financing package, with heavy support from export credit agency Euler Hermes and KfW, and subsequent projects have stuck to this template.
The presence of German developers and lenders is unsurprising, since Taiwan’s original renewables framework was modeled heavily on that of Germany. The use of feed-in tariffs, especially when applied to solar photovoltaic capacity, has...
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