UKEF backs Taiwan wind farm, securing £55m in contracts for British firms - Trade Treasury Payments

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UKEF backs Taiwan wind farm, securing £55m in contracts for British firms

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The UK Government has extended a £184 million credit guarantee to support one of Taiwan’s largest offshore wind developments. The guarantee will unlock £55 million in contracts for UK-based suppliers and reinforce Britain’s role in the global clean energy supply chain.

Delivered through UK Export Finance (UKEF), the financing will contribute to the construction of the 495 MW Fengmiao 1 offshore wind farm off the coast of Taichung City. Once operational in 2027, the site is expected to generate emissions savings equivalent to those produced by over 250,000 passenger vehicles annually.

Strategic trade support, tangible export gains

The deal secures new commercial opportunities for a range of UK firms, including East Anglia- headquartered Cadeler, which will deliver a UK-owned installation vessel, crew, crane operators, and sea-fastening services. 

The £184 million guarantee forms part of a broader $3.7 billion financing structure led by Copenhagen Infrastructure Partners (CIP). The package brings together support from multiple export credit agencies, including those in Denmark, the Netherlands, Poland, Belgium, and Taiwan.

Jonathan Reynolds, the UK’s Secretary of State for Business and Trade said: ““Being absolutely committed to delivering economic growth under the Plan for Change means we are using every tool at our disposal to enable British businesses to succeed. This deal harnesses the power of commerce to drive the energy transition whilst securing lucrative new opportunities for UK businesses and supporting job creation in local communities.”

UKEF’s support for Fengmiao 1 builds on its track record in Taiwan’s offshore wind market. Previous projects include the Hai Long (1.04 GW), Greater Changhua 1 and 4, Formosa 2, and the CXFD wind farms. 

In each case, the agency’s financing has helped UK exporters access global infrastructure supply chains—particularly in fast-growing renewable energy markets.

According to UKEF, the Fengmiao 1 project alone is forecast to reduce greenhouse gas emissions by 1.176 million tonnes of CO₂ per year.

Mikkel Gleerup, CEO of Cadeler, said, “We are grateful to UKEF for the support they are providing to the Fengmiao 1 Project—an important milestone in Cadeler’s continued expansion into Taiwan’s offshore wind market. UKEF’s backing highlights the importance to Cadeler and its clients of our operations in the United Kingdom, with our UK-owned installation vessels and East Anglia-based team supporting offshore wind development both at home and abroad. Cadeler remains committed to advancing offshore wind in the APAC region and beyond.”

Thomas Wibe Poulsen, Partner and Head of Asia-Pacific at CIP, said, “Financial close on Fengmiao I is the culmination of years of hard work and dedication from the project team, suppliers, contractors, banks, ECAs and offtakers. It is the first offshore wind project in Taiwan to be supported by a portfolio of corporate offtakers in Taiwan and Fengmiao I sets a new benchmark for the country’s rapidly maturing offshore wind market.”

As global demand for clean energy infrastructure accelerates, projects like Fengmiao 1 illustrate the dual role of public finance in supporting climate-aligned investment and securing new commercial pathways for UK firms abroad.