Ørsted Signs Greater Changhua Green Loan Facility

Ørsted has signed a guaranteed five-year syndicated green revolving loan facility for its Greater Changhua offshore wind projects in Taiwan.

Ørsted-Signs-Greater-Changhua-Green-Loan-Facility2
Source: Ørsted

The NTD 25 billion (circa EUR 714.3 million) green facility attracted 15 banks to join in less than two months, which represents the first time local state-owned banks are involved in financing offshore wind projects, Ørsted said.

Ørsted will now begin the preparations for a potential green bond issuance in the local market towards the end of this year.

The company will fund 50% CAPEX of the Greater Changhua projects by capital contributions from the Ørsted Group combined with debt capital sourced from Taiwanese financial institutions.

“We are very pleased with the commitment from 15 banks on this transaction, especially the domestic Taiwanese banks,” said Allan B. Andersen, Senior Vice President for Treasury & Risk Management at Ørsted.

“We are proud of this being the first ever green loan facility in Taiwan under our new Green Finance Framework which matches our ambition of doing all of Ørsted’s financing in the green format.”

Ørsted’s Greater Changhua projects includes four sites that have a total potential capacity of 2.4GW, with circa 1.8GW scheduled for buildout in 2021 and 2025. This includes the 900MW Greater Changhua 1 and 2a wind farm for which the Danish developer took a final investment decision in April.

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