離岸風電專案融資可行性之探究

Abstract

台灣海峽擁有16處國際評比全球優良離岸風場條件，故政府設置2025年實現再生能源發電佔比達20%目標，逐步開發離岸風場，採取「先示範、次潛力、後區塊」三個階段。離岸風場建置需要巨額資金，然國內金融業缺乏離岸風電專案融資授信人才，較難評估其風險與報酬，目前僅部份民營銀行承做離岸風電專案融資，而官股銀行則僅承作循環信用額度貸款。 本研究目的係檢視離岸風電專案融資計畫可行性；本研究以一個模擬離岸風電為個案，進行財務分析，預估興建期現金流出及營運期間現金流入與流出，並根據財務預估，以六項評估指標（淨現值、內部報酬率、折現後回收年限、自償率、分年償債比率、利息保障倍數）評估專案融資可行性。本研究亦在基本假設條件不變之下，考慮採階梯費率制度及營運期延長至25年兩種情況，對其專案融資之影響。此外，本研究深入剖析銀行進行離岸風電專案融資可能面對的各項風險，以期提供金融機構人員參考。According to the 4C Offshore statistics, 16 of the 20 globally-rated best place for wind farms are located inthe Taiwan Strait. Therefore, the Taiwanese government has set a target of achieving 20% renewable energy production by 2025, gradually constructing Taiwanese offshore wind farms by implementing three phases of development.The construction will require huge amounts of capital. However, the domestic financial industry find it difficult to evaluate the risk and return of an offshore wind farm due to lack of related professionals who specialize in project financing. Currently, some private commercial banks in Taiwan are willing to undertake project finance of offshore wind projects, while government owned banks are only prepared to provide revolving line of credit loans. The purpose of this research is to assess the feasibility of the project finance of an offshore wind farm. This research constructs a financial modal based on a simulated offshore wind farm to forecast the cash outflows and inflows during the construction and operation period respectively, and assess the project feasibility by 6 evaluation index (Net present value, Internal rate of return, Discounted payback period, Self-liquidating Ratio, Times interest earned, Debt service coverage ratio). This research also conducts sensitivity analysis on adopting the revised ladder tariff and extending the useful life of the wind farm to 25 years, with basic assumption remaining unchanged, to analyze their impacts on project finance. In addition, this research also scrutinize any risks that banks may face when undertaking the project finance for an offshore wind farm, with a view to providing references for financial institutions.