Ørsted Finalises EUR 2.6 Billion Financing for Taiwan’s Greater Changhua 2 Offshore Wind Project

Ørsted has secured a finance package of approximately TWD 90 billion (about EUR 2.64 billion) for the 632 MW Greater Changhua 2 offshore wind project in Taiwan.

The developer reached financial close on the project finance package with 25 banks and five Export Credit Agencies (ECAs).

This is part of the financing structure for the project, on which Ørsted is simultaneously progressing as planned, with an equity divestment expected to be completed once the project is operational, according to the Danish company.

“We’ve received very strong support from both international and local banks and export credit agencies for the project financing of Greater Changhua 2. 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 programme,” said Trond Westlie, Group CFO of Ørsted.

The asset-level project financing package will be supported by guarantees from five ECAs: 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).

Greater Changhua 2 consists of two separate offshore wind farms: the 294.8 MW Greater Changhua 2a and the 337.1 MW Greater Changhua 2b.

The project’s first phase has been connected to the grid, and offshore construction on the second phase is now underway.

Greater Canghua 2a comprises 36 turbines, each with a capacity of 8 MW, while Greater Changhua 2b will feature 24 Siemens Gamesa SG 14-236 DD units.

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