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Financing secured for planned 2 MW geothermal plant in Taitung, Taiwan

Financing secured for planned 2 MW geothermal plant in Taitung, Taiwan Coastal stretch, Taitung County, Taiwan (source: flickr/ Ken Marshall, creative commons)
Alexander Richter 12 Aug 2022

A 2 MW geothermal development project by Taiyi Power and Honglun Power in Jinlun, Taitung County in Taiwan has secured bank financing.

In mid-July 2022, Yongfeng Bank announced that it has entered into geothermal power generation financing. Senior Deputy General Manager Ouyang Zineng said that Yongfeng is committed to responding to government policies with corporate partners, creating a green and sustainable environment, and providing financing to assist Taiyi Power and Honglun Power to jointly launch geothermal energy. Power generation, with a total installed capacity of 2 MW, and is expected to generate electricity in parallel in 2023, which can support the annual electricity consumption of about 3,500 households.

The potential of geothermal power generation in Taiwan is said to be about 32 GW, which is equivalent to the power generation of 12 nuclear power plants. It can operate 24 hours a day and is not affected by the climate, adding new momentum to Taiwan’s renewable energy supply chain.

Yongfeng Bank said that the first geothermal power generation project is located in the Jinlun area of ??Taimali Township, Taitung County, which has the third highest potential. It will provide the funds needed for the construction of a geothermal power plant by means of exclusive financing. Geothermal power generation policy target of 20 MW.

Yong Fung Bank continued to innovate and make breakthroughs in green finance, and officially entered the financing of geothermal power generation in this (July) month. Ouyang Zineng, senior deputy general manager of Yongfeng Bank, said that Yongfeng is committed to responding to government policies and creating a green and sustainable environment with corporate partners, providing financing to assist Taiyi Power and Honglun Power to jointly start geothermal power generation, with a total installed capacity of 2 MW, it is expected to generate electricity in parallel in 2023, which can support the annual electricity consumption of about 3,500 households.

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The geothermal power generation potential in Taiwan is about 32 GW, which is equivalent to the power generation of 12 four nuclear power plants, and can be operated 24 hours a day without being affected by climate, adding new momentum to Taiwan’s renewable energy supply chain . Yongfeng Bank stated that the first geothermal power generation project is located in the Jinlun area of ??Taimali Township, Taitung County, which has the third highest potential. It will provide the funds needed for the construction of a geothermal power plant by means of exclusive financing. The policy target of generating 20 MW of electricity.

Source:  Yongfeng Bank