Ørsted Secures Financing for Greater Changhua 2 Offshore Wind Farm in Taiwan

Danish energy company Ørsted has successfully secured financial close on a TWD 90 billion (approximately USD 3 billion) project finance package for its 632 MW Greater Changhua 2 offshore wind farm in Taiwan. The financing involves a consortium of 25 banks and support from five Export Credit Agencies (ECAs).

Located 50-60 kilometers off the coast of Changhua County, the Greater Changhua 2 project consists of two sections: Greater Changhua 2a, which is already operational, and Greater Changhua 2b, currently under construction with commissioning expected by late 2025.

“We’ve received very strong support from both international and local banks and export credit agencies for the project financing of Greater Changhua 2,” said Trond Westlie, Group CFO of Ørsted. “This shows that there is a healthy appetite for premium assets with robust contractual structures, and it’s a clear sign that we’re working diligently to deliver on our divestment and partnerships program.”

The financing structure includes guarantees from five Export Credit Agencies: Export Finance Norway (Eksfin), the Export and Investment Fund of Denmark (EIFO), the Export-Import Bank of Korea (KEXIM), Export-Import Bank of the Republic of China (T-EXIM), and UK Export Finance (UKEF).

Ørsted is simultaneously progressing with a planned equity divestment of the project, expected to be completed after the wind farm becomes fully operational. The company noted that this transaction represents an important advancement in their strategic priorities and demonstrates their expertise in structuring financing packages for partners despite primarily funding activities at the group level.