Crédit Agricole CIB supports Lightsource bp in its first fishery solar project financing in Taiwan
The financing for Project Budai, a 115-megawatt (MW) fishery solar farm in Taiwan, marks Lightsource bp’s entry into the Taiwanese market.
Crédit Agricole CIB is proud to have supported Lightsource bp, a 100%-owned subsidiary of BP PLC and one of the leading developer and manager of global onshore renewable and energy storage solutions, as a Mandated Lead Arranger in the NTD6 billion (US$200 million eq.) transaction.
Project Budai encompasses a substation and ground-mounted solar photovoltaic systems installed above outdoor fish farms. Developed across an area of over 150 hectares in Chiayi County, the project will be one of the largest fishery solar farms in Taiwan upon completion, expected in 2026. The project will add renewable generation capacity to Taiwan’s grid, while maintaining local food production and critical agricultural land, as well as providing additional income for communities and farmers.
Fishery solar projects provide a unique, optimised solution, which supports the critical aquaculture and fishery industry, while enabling the energy transition. This innovative approach has been identified as one of the energy solutions for Taiwan to reach its renewable energy targets of 20 gigawatts (GW) of installed solar capacity by 2025, including 4.4GW of fishery solar capacity.
Fishery solar projects are complex, as they are developed across multiple plots of land, and require additional permitting processes to ensure that multiple project stakeholders cohesively work together to successfully achieve Taiwan’s national targets. As such, Crédit Agricole CIB worked closely with Lightsource bp and the bank group to ensure that the transaction was well-structured, while providing flexibility to meet the regulatory and contractual requirements.
This transaction demonstrates Crédit Agricole CIB's capability to finance innovative projects that deliver significant environmental and social benefits, while navigating a complex evolving regulatory framework.
"Fishery solar projects represent a significant milestone in Taiwan's renewable energy landscape. Seamlessly integrating solar power generation with existing aquaculture, does not only address land scarcity challenges but also created a model for sustainable development. Our team's collaborative effort to help structure this complex financing demonstrates our commitment to driving the energy transition in Taiwan and supporting our Bank’s key clients in the region."

Hicham Chami
Director, Energy & Infrastructure Group
“We are proud to have supported one of the leading renewable developers, Lightsource bp, in their first big project in Taiwan. This is the second fishery solar project we have taken part in Taiwan. Our extensive global financing expertise coupled with our deep understanding of the local market is the key to supporting our client’s project. Big thanks to the teams involved who have unrelentingly worked on this major project over the past two years.”

Laurent Potin
CEO Taipei Branch
“We take great pride in financing this fishery solar project in Taiwan, which supports the client’s own energy transition strategy as well as the market’s renewable energy ambitions. By further facilitating the development of Taiwan’s agricultural industries and transition, two sectors at the heart of our Bank’s DNA, it fully aligns with our global strategy.”

Matthew Goodall
Managing Director, Energy Coverage
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