Financing in Place for 632MW Taiwanese Offshore Wind Farm

(Credit: Ørsted)

Ørsted has reached financial close on a project finance package for the 632 MW Greater Changhua 2 offshore wind farm in Taiwan, having signed agreements with 25 banks and five Export Credit Agencies (ECAs).

With the signed agreements, Ørsted has raised approximately $3.1 billion (about DKK 20 billion) for the project.

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

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The transaction ensures further progress on both Ørsted’s partnership and divestment program and its strategic priorities.

Located approximately 50-60 km off the coast of Changhua County, Taiwan, Greater Changhua 2 is a 632 MW offshore wind farm that is comprised of both Greater Changhua 2a, which is operational, and Greater Changhua 2b, which is currently under construction and is expected to be commissioned towards the end of 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. 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.

“While funding of Ørsted’s activities primarily has been undertaken at the group level, we have extensive experience in structuring financing packages on behalf of incoming partners. This transaction is another important step forward for the strategic priorities we’ve set for ourselves,” said Trond Westlie, Group CFO of Ørsted.