Accelerated Wind Farm Development
...with Taiwanese authorities having awarded grid connection to 5.5GW of projects...
Predominant wind direction
5
7
6
13
12
Demo 1
Demo 3
1+3
Expected
Project
Developer
# Capacity (MW)
COD
Estimated
Equity1 ($m)
Estimated
Debt¹ ($m)
Yunlin Phase I1
wpd
1
360
2020
540
1,260
Taipei
Formosa II
Swancor/Macquarie
2
378
2020
567
1,323
Yunlin Phase II
wpd
3
348
2021
522
1,218
2
Demo 2
Guanyin
wpd
4
350
2021
525
1,225
Greater Changhua NW Ørsted
5
583
2025
874
2,041
Greater Changhua SE Ørsted
6
605
2021
908
2,118
Greater Changhua SW Ørsted
7
632
2021
442
1,032
Changhua ChangFang CIP
8
552
2025
828
1,932
Xidao
CIP
9
48
2025
72
168
Chungnan
CIP/DGA/CSC
10
300
2025
450
1,050
Taiwan
Changhua Phase II
TaiPower
11
300
2025
450
1,050
Hai Long II
Yushan/NPI
12
532
2024
798
1,862
Hai Long III
Yushan/NPI
13
512
2025
768
1,792
Total
5,500
$8.2bn
$19.3bn
Estimated Annual Capital Requirements²
Tainan
$m
7,000
5,840
6,000
Kaohsiung City
5,000
4,000
3,000
3,995
4,592
3,301
750
1,845
2,000
1,000
1,292
1,968
1,415
554
Project - Awarded in Apr-18 tender
0
2018
2019
2020
2021
2022
Equity
Debt
3,750
3,000
4,443
2,987
1,456
1,904
1,280
624
2023
2024
2025
Source: News, developer publications, 4C Offshore, A&Co analysis; Notes: 1. Sell-down process initiated; 2. Based on total capex of $5m/MW and a 70% leverage assumption. Construction assumed to take two years
Private and Confidential
Discussion Materials
AUGUSTA & CO
7th September 2018
Page 8View entire presentation