Ørsted raises approx. TWD 90 billion ($2.75B) from 25 banks and 5 export credit agencies for Greater Changhua 2 in Taiwan.
The 632 MW wind project includes one operational site and one under construction, set to complete by late 2025.
Financing supports Ørsted’s divestment and partnership strategy, with equity sale expected post-commissioning.
Ørsted has achieved financial close on a TWD 90 billion (approximately DKK 20 billion) project finance package for its 632 MW Greater Changhua 2 offshore wind farm in Taiwan, backed by 25 banks and five Export Credit Agencies (ECAs).
The financing was structured by Ørsted and includes guarantees from Export Finance Norway (Eksfin), the Export and Investment Fund of Denmark (EIFO), the Export-Import Bank of Korea (KEXIM), the Export-Import Bank of the Republic of China (T-EXIM), and UK Export Finance (UKEF).
“This shows that there is a healthy appetite for premium assets with robust contractual structures,” said Ørsted’s Group CFO Trond Westlie. “It’s a clear sign that we’re working diligently to deliver on our divestment and partnerships programme.”
Greater Changhua 2 is located approximately 50–60 km off the coast of Changhua County and comprises two phases: Greater Changhua 2a, which is already operational, and Greater Changhua 2b, currently under construction and set for commissioning by the end of 2025.
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“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,” Westlie added. “This transaction is another important step forward for the strategic priorities we’ve set for ourselves.”
An equity divestment of the project is planned upon its full commissioning, marking further progress on Ørsted’s strategic roadmap.
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