A group of Japanese investors has joined German developer Wpd in the 640MW Yunlin offshore wind project off Taiwan.

The Japanese group – which will take a 27% stake in Yunlin for an undisclosed sum – is led by conglomerate Sojitz Corporation.

The group also includes Chugoku Electric Power, Chudenko Corporation, Shikoku Electric Power and JXTG Nippon Oil & Energy.

Wpd said it is also close to finalising the debt finance element of the project with bodies “including well-known Taiwanese as well as international banks and financial institutions”.

Yunlin, eight kilometres off the southwest coast of Taiwan, will be completed in two phases next year and in 2021. Siemens Gamesa with its 8MW turbines was awarded the turbine order for the wind farm in 2018.

Wpd said: “With the acquisition of the consortium around Sojitz as a co-investor, we achieve another important milestone for the project, securing the equity financing of the so far largest offshore wind farm in Taiwan.”

Sojitz says it entry into the project – it will become a 9.1% shareholder as part of the consortium – will help it pursue offshore wind opportunities at home in Japan.

“Sojitz believes that offshore wind power has the greatest potential for growth in Japan and will be essential in expanding the company’s renewable energy business,” it said.

“Through participation in this offshore wind power project in Taiwan, a country ahead of the curve with regards to offshore wind farm development and with a similar climate to Japan, Sojitz aims to acquire the expertise to contribute to the expansion of offshore wind industry domestically.”