1 Taipei 2 3
1. Greater Changhua – NW 2. Greater Changhua – SW 3. Greater Changhua – SE 4. Changfang and Xidao 5. Yunlin
5 Taoyuan
“Generally, Taiwan’s markets are relatively open and are thus attractive to the European players,” says Chang. “Plus, the scale of the offshore projects in Taiwan requires very substantial balance sheets and competent developers, and European companies are currently the most advanced in the offshore wind market.”
4 Taichung
While Taiwan’s legal framework for the renewable energy sector is relatively friendly compared to other countries in Asia, one issue developers are facing is the localisation requirement, where developers have to use local equipment and services for the construction of their projects. This creates a concentration risk among local suppliers.
Tainan
“Increasing local content requirements may result in reduced export credit agency (ECA) participation, testing international lenders’ interest,” reflects Chang. However, Taiwan’s Bureau of Energy, Ministry of Economic Affairs has recognised that domestic suppliers, along with local banks, need to work collaboratively with international providers, with the collective expertise and scale making it possible to attract ECA support.
Kaohsiung
Location of Yunlin and Changfang and Xidao offshore wind projects in the Taiwan Strait, in relation to the larger Changhua sites
The success of projects in Taiwan is key to its role as a preferred market for investors and a hub for the region
Achim Berge Olsen, Chief Operating Officer, wpd
of renewable energy by providing for preferential measures – for example, priority grid connection and dispatch – for renewable power producers. Further regulatory changes, such as incentives and subsidies, helpful land-use zoning, and construction arrangements, have sought to facilitate the expansion of Taiwan’s offshore wind sector.
As well as legislative and regulatory measures, the government has announced steps to streamline approval of Watson Farley & Williams’ planning processes for new developments, and has earmarked significant investment in infrastructure to facilitate the development of renewable energy.
40
Environmental impact Despite the Taiwanese government’s ambitious offshore renewable energy targets, there is no corner-cutting when it comes to checking and monitoring environmental impact. Projects selected by the government are subject to environmental assessments, which involve consultation with various authorities to gain Environmental Impact Assessment (EIA) approval. Once the approval is granted, the projects are then awarded grid capacity. All of this must be in place before financing can be signed off.
Through the environment and social impact due diligence process, the assessments submitted to gain EIA approval are designed to align with the following standards: • International Finance Corporation (IFC) Performance Standard 1: Assessment and Management of Environmental and Social Risks and Impacts;
• IFC Performance Standard 5: Land Acquisition and Involuntary Resettlement;
• IFC Performance Standard 6: Biodiversity Conservation and Sustainable Management of Living Natural Resources.
Deutsche Bank engagement Chang reports that Deutsche Bank has been active in Taiwan’s wind farm projects
Images: wpd
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