There is a rumor about the debt crisis in the Yuneng wind field. The Financial Supervisory Commission stated that the credit exposure of 20 banks was 66.7 billion.

(The picture is taken from the official website)

[Central News Agency] The construction of Tianfeng New Energy's Yuneng wind farm has been repeatedly delayed, and now a suspected debt crisis has broken out. According to the statistics of the Financial Supervisory Commission, by the end of September 2022, a total of 8 domestic banks and 12 foreign banks have participated in the joint loan of the Yuneng wind farm. , and the credit balance reached NT$23.6 billion and NT$43 billion respectively.

Yuneng Wind Farm is divided into Phase I and Phase II. A total of 80 wind turbines have been installed with a total installed capacity of 640MW. However, only 16 wind turbines have been installed so far, and the progress has been delayed.

Affected by the COVID-19 (Coronavirus Disease 2019) epidemic, the cost of offshore wind farms has skyrocketed. Yuneng Wind Farm has been shocked by the debt crisis recently, and is communicating with the bank group to try to make the wind farm operate smoothly.

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Lin Zhiji, deputy director of the Banking Bureau of the Financial Supervisory Commission, responded to media questions at a regular press conference today. He said that as of the end of September 2022, a total of 20 banks have participated in the joint loan case of Yuneng Wind Farm, with a credit balance of about 66.7 billion yuan; among them, 8 The credit balance of 1 domestic bank is 23.6 billion yuan, and the credit balance of 12 foreign banks is 43 billion yuan.

Lin Zhiji pointed out that more than 60% of the 20 banks’ credit exposures of about 66.7 billion yuan for Yunneng Wind Farm have guarantees from foreign credit guarantee institutions; if the main debtor defaults on the debt, the relevant credit guarantee institutions must jump out to perform the contract .

However, Lin Zhiji emphasized that due to project delays and some twists and turns, the bank consortium is still discussing with Yuneng Wind Farm, which is not yet at the level of "debt negotiation". The case is still "normal" at present. Discuss the situation and conditions of the loan; the bank will also make provision for bad debts according to the development of events and asset evaluation.

The outside world is concerned that this case may create the first offshore wind power debt crisis in China, and whether it may trigger the alarm bell of banks. Concerned about risks, they tend to be conservative in green credit granting. However, we still respect the considerations of individual banks.

According to the statistics of the Financial Regulatory Commission, by the end of 2021, the balance of domestic bank loans to the green energy technology industry will reach 1,384.6 billion yuan, an annual increase of 200.9 billion yuan; at the end of November 2022, domestic banks will make loans to the six core strategic industries for green power and renewable energy It reached 2.4296 trillion yuan.

Observing the overview of offshore wind power financing handled by the entire banking industry, as of the end of September 2022, all banks have signed contracts with 7 offshore wind power operators, with a total financing amount of 350.7 billion yuan.

Lin Zhiji said that the Association of Banks has strengthened risk management and internal control operations in credit self-discipline. For example, banks will handle due diligence, risk assessment, risk sharing mechanism and post-loan management.

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