HSBC backs local content on Changfang and Xidao offshore wind project

HSBC Bank (Taiwan) has approved two green guarantees to support the Taiwanese Century Iron & Steel Industrial and Hung Hua Construction on the supply of equipment and services for the Changfang and Xidao offshore wind project.

The bank guarantee issued for Century Iron & Steel Industrial and its subsidiary Century Wind Power is valid for one year and valued at NT$240 million (approximately EUR 7 million).

It is specifically tailored for the 69 pin piles manufactured for Copenhagen Infrastructure Partners’ (CIP) Changfang and Xidao offshore wind farms.

The guarantee with a total amount of NT$70 million (circa EUR 2 million) arranged for Hung Hua Construction and Dong Fang Offshore is designed for guard vessels for the project. The contract execution guarantee will last for 32 months.

According to HSBC Taiwan, the guarantee will help deepen the cooperation between local suppliers and overseas developers and continue to promote the development of offshore wind energy in Taiwan.

Changfang and Xidao will feature 62 MHI Vestas 9.5 MW turbines scheduled to be commissioned in the first quarter of 2024.

The projects, which have a combined capacity of 589 MW, entered the construction phase in February 2020.