Refinancing of Formosa 2 offshore wind project in Taiwan

Type: Financing · Technology: Offshore Wind · Country: Taiwan · Capacity: 376 MW · Announced: 2026-04-14

The Formosa 2 offshore wind project in Taiwan completed its first refinancing, marking a landmark transaction for the offshore wind sector in Taiwan and the broader Asia Pacific region. The 376MW project, operational since September 2023 with 47 turbines, secured financing from 17 Taiwan lenders—including state-owned banks—and 10 international banks, backed by four original export credit agencies. Clifford Chance advised the project company and sponsors Synera Renewable Energy and JERA Nex bp throughout the refinancing process, building on prior legal support from development through commercial operations. The refinancing facilities enable capital recycling and broader lender participation, reducing concentration risks while providing a model for future offshore wind financings in mature markets like Australia. The transaction underscores Taiwan's rapid evolution in offshore wind, achieving its first refinancing less than a decade after documenting the region's earliest project financings. Clifford Chance's involvement spans initial procurement, project financing, and now refinancing, demonstrating sustained engagement with the Formosa 2 project.

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