Huge milestone for the shipping industry in Asia with « Green Jade », the first offshore installation vessel in Taiwan

26/11/2020

CDWE is revolutionising Taiwan’s shipbuilding sector while creating high value jobs in the country and providing green energy to the population. Set to enter service in 2022, the new state-of-art vessel will flourish the local renewables market, highlighting a momentum in Taiwan’s offshore wind development.

‘Green Jade’, the very first floating heavy lift and installation vessel of 216.5 metres long, can comfortably accommodate a crew of up to 160 people. It has dual fuel engines and a deck space maximised to transport a multitude of the heaviest monopiles, jackets, wind turbine components and structures in a single shipment. The vessel also features a high-tech 4,000-tonne capacity crane and Dynamic Positioning capacity to continue operations under the most challenging conditions. With this exceptional combination of high load and lifting capacity, ‘Green Jade’ can transport and install the next generation of foundations and giant multi-megawatt wind turbines in the most cost-effective way
This unique vessel will also have other environmental innovations on board, including a waste heat recovery system that converts heat from the exhaust gases and cooling water to electrical energy, in addition to various other fuel-saving measures. ‘Green Jade’ will have a Green Passport as well as a clean design notation and will sail under the Taiwanese flag.

For the record, the name of the vessel symbolises Taiwan’s renowned Yushan, the Jade Mountain which is the highest peak in East Asia. It gives Taiwan one of the highest elevations of any island in the world. The name ‘Green Jade’ reflects also this trail-blazing vessel’s contribution to reducing emissions, and its role in bringing clean, green energy to Taiwan’s residents

 

Taiwan has the wind in its sails

This is a momentum in Taiwan’s offshore wind development and for the Taiwanese shipbuilding sector, as this dedicated offshore installation vessel is the first of its kind to be built in Taiwan.

Taiwan is a pioneer in Asia’s transition towards renewable energy and has strong green ambitions to achieve. The government’s Energy Policy envisages that Taiwan will install 27 GW of renewable capacity, including 6.7 GW of offshore wind power capacity by 2025. 

CDWE, Taiwan’s first offshore wind EPCI contractor, is committed to meeting localisation requirements and assisting with the development of the offshore wind industry, and a successful and sustainable supply chain in Taiwan, optimising local materials and skills.
CDWE is a joint venture between CSBC, the largest shipbuilder in Taiwan and DEME Offshore, a subsidiary of the Belgian DEME Group. The company has already been awarded several contracts for future offshore wind projects in Taiwan: Changfang-Xidao; Hailong 2 and Hailong 3; Zong Neng.

“ We are delighted to support Deme on this unique green vessel project which is strategic for Taiwan’s sustainable development. This is perfectly aligned with our Group strategy to support a strategic client, a market leader in his area of expertise, and also a project which has a positive impact on society at large. We will continue to provide innovative financing solutions to our clients actively involved in the energy transition. ”

Paul Taylor
Global Head of Shipping Finance, Societe Generale

This project fits with Societe Generale’s commitment to contribute to the energy transition, as reflected by the bank’s leading involvement in the Poseidon Principleswhich promote and support the decarbonisation of the shipping industry with an overall greenhouse gas emission reduction of at least 50% by 2050.
This vessel shall be an addition to the unique track record with offshore wind projects in Taiwan supported by the bank. Offshore wind turbine installation vessels are a promising asset class to decarbonize energy and respond to increasing demand of new offshore wind projects in the next ten years.

Societe Generale coordinated and arranged the financing of this green vessel. For this first offshore wind installation vessel, the bank secured an innovative financing structure, combining a project approach and a form of conditional recourse on a core corporate. The vessel will be fully repaid over a 10-year period after delivery.

“ It was a great pleasure working with the dynamic and experienced shipping finance team of Societe Generale and the underwriters towards the timely execution of a facility agreement which entails a unique hybrid financing structure, unprecedented in the Taiwanese market. This financing is one of the cornerstones for our operations in Taiwan and the surrounding region, with a vessel that will heavily support the transition towards renewable energy. ”

Geert Wouters
Head of Structured Finance & Treasury, DEME Group