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Energy

Taiwan wind project gets boost from Japan government and banks

Trade insurance for Mitsubishi unit's project to be among the largest ever of its kind

Three Japanese megabanks, along with HSBC, Deutsche Bank and a Japanese affilate will provide financing for a 600,000 kilowatt wind power project in Taiwan. (Photo courtesy of MHI Vestas Offshore Wind)

TOKYO -- The Japanese government and a unit of Mitsubishi Heavy Industries are working together on an offshore wind power project being planned in Taiwan.

Japan's three megabanks will extend loans for a contract under which MHI Vestas Offshore Wind, a joint venture between Mitsubishi Heavy and Danish wind power giant Vestas Wind Systems, will export wind turbines. Japanese government-affiliated Nippon Export and Investment Insurance, or NEXI, will provide trade insurance for potential losses on a portion of the loans. The partners hope to use the deal with Taiwan, which leads in offshore wind power, as a foothold for expansion elsewhere in Asia.

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