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JEDDAH: The Ministry of Finance (MoF), represented by the National Debt Management Center (NDMC), on Wednesday announced the signing of a long-term financing agreement with the Korea Trade Insurance Corporation (K-SURE).
The facility was arranged through the NDMC, and the agreement was signed by Minister of Finance Mohammed Al-Jadaan and the chairman of K-SURE, Lee In-ho, the Saudi Press Agency reported.
Al-Jadaan said that the signing was in line with the cooperation framework between two G20 members.
CEO of NDMC, Fahad A. Al-Saif, confirmed the financing amounted to $3 billion and said the transaction generated interest from lenders from around the world. The deal was closed with 10 international banks.
The 605MW project will supply clean power to over 650,000 Taiwanese families
30 Dec 2020 |
Chito Santiago
Global renewable energy developer Ørsted is selling a 50% stake in Greater Changhua 1 offshore wind farm in Taiwan to a consortium comprising of Caisse de dépôt et placement du Québec (CDPQ) and local investor Cathay PE for about NT$75 billion (US$2.67 billion).
Ørsted will retain a 50% share in the project, which will be financed by its corporate balance sheet and will deliver the long-term operations and maintenance (O&M) services to the project. The 605-megawatt (MW) wind farm is part of the 900MW Greater Changhua 1 & 2a offshore wind farms, which Ørsted is currently constructing and expects to be completed in 2022. Majority of the deal proceeds will be used to pay for the engineering, procurement and construction (EPC) services for the project.
Ørsted brings in renowned investors, CDPQ and Cathay PE, for Greater Changhua 1 Offshore Wind Farm
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Global institutional investor CDPQ and experienced local investor Cathay PE will co-invest 50% of the 605MW Greater Changhua 1 Offshore Wind Farm.
Ørsted will retain a 50% share ownership in the Greater Changhua 1 Offshore Wind Farm, as well as deliver the full construction and long-term O&M services for the project, which is expected to be completed by 2022.
The partnership is based on a financing model for offshore wind projects that is unique in the Asia-Pacific Region.
This is CDPQ s first direct investment in Taiwan through its Infrastructure team, which has a long track-record in the renewable energy sector.