Taiwan’s Tongyuan wind farm has received an NT$3.1bn (€81.5mn) syndicated loan arranged by KfW Ipex-Bank.

KfW Ipex-Bank is extending €66.8mn, and other participating banks include Deutsche Bank (Taipei branch), Standard Chartered and King’s Town Bank.

The deal, covered by an export credit guarantee from the German government, will be provided in local currency in order to “shield the project from exchange rate fluctuations”, KfW Ipex-Bank says.

The 52.9MW-project, located 120km southwest of Taipei, is undertaken by German wind farm developers infraVest and wpd, which have already realised five similar projects with KfW Ipex-Bank in Taiwan.

The farm will have 23 wind energy converters, all supplied by German firm Enercon, and is scheduled to go into operation in 2015.

The deal was signed as part of Taiwan’s Renewable Energy Development Act, which also includes the Guanyin and Houlong wind farm projects, both structured and co-financed by KfW Ipex-Bank.