Offshore wind contract to Fred. Olsen Windcarrier in Taiwan, guaranteed by GIEK

GIEK has issued a buyer credit guarantee worth 130 million USD (1,2 billion NOK) on behalf of Fred. Olsen Windcarrier’s service deliveries to an offshore wind project off the coast of Changhua County in Taiwan. The project doubles GIEK’s offshore wind portfolio to 260 million USD.

Under the contract, the company shall install wind turbines utilising jack-up ships. The entire project shall install 589 MW offshore wind capacity, providing green energy to more than 600.000 households in Taiwan.

This is the third international offshore wind project in the past six months to receive Norwegian deliveries guaranteed by GIEK . Altogether, GIEK has provided USD 260 million in guarantees to offshore wind projects in Europe and Asia, facilitating new export contracts for Norwegian industrial suppliers.

- GIEK guarantees strengthen Fred. Olsen Windcarrier’s position as a key supplier to offshore wind projects in South-East Asia, says Mr. Even Larsen, CEO in Fred. Olsen Ocean AS. - This is our second largest offshore wind project in the region, and we recently opened an office in Taiwan. The demand for our services is increasing, and we hope to win more contracts in the region, Mr. Larsen says.

- This project provides more renewable energy to Taiwan, and secures important contracts for Norwegian industry, says Ms. Wenche Nistad, CEO of GIEK. - Norwegian offshore wind expertise, backed by AAA-rated Norwegian state guarantees, open up new and important export markets for Norwegian exporters, adds Ms. Nistad.

Denmark-based Copenhagen Infrastructure Partners (CIP) is the project owner and will develop the 589 MW offshore wind project.

GIEK in international bank syndicate
The project financing raised from banks and financial institutions amounts to approximately three billion USD, combining equity and loans from a syndicate of 25 banks and export credit agencies including GIEK. GIEK’s 1,2 billion kroner guarantee is conditioned on service deliveries by Fred. Olsen Windcarrier and some other Norwegian companies.

GIEK is the official Norwegian Export Credit Guarantee Agency, managing a 8,5 billion USD portfolio of export-related guarantees World-wide. The dominant industries in this portfolio are offshore oil and gas, shipbuilding as well as fisheries and aquaculture.