Ørsted secures $2.9 billion financing for Taiwan offshore wind farm
Danish renewable energy giant Ørsted has reached financial close on a substantial project finance package to fund its 632 MW Greater Changhua 2 offshore wind farm in Taiwan. The company secured approximately TWD 90 billion (about $2.9 billion) through a consortium of 25 banks and five Export Credit Agencies (ECAs).
The financing represents a significant milestone for Ørsted's strategic priorities, combining both project funding and preparations for future equity divestment once the facility becomes operational. Located 50-60 kilometres off Taiwan's Changhua County coast, Greater Changhua 2 comprises two components: Greater Changhua 2a, which is already operational, and Greater Changhua 2b, currently under construction with commissioning expected by the end of 2025.
"We've received very strong support from both international and local banks and export credit agencies," said Trond Westlie, Ørsted's Group CFO. He emphasised that the robust backing demonstrates healthy market appetite for premium assets with strong contractual structures, whilst advancing the company's divestment and partnerships programme.
The asset-level financing package, originated and structured by Ørsted, benefits from guarantees provided by five ECAs: Export Finance Norway (Eksfin), Denmark's Export and Investment Fund (EIFO), Korea's Export-Import Bank (KEXIM), Taiwan's Export-Import Bank (T-EXIM), and UK Export Finance (UKEF).
This transaction marks another step forward in Ørsted's strategic evolution as the company continues expanding its offshore wind portfolio whilst preparing for operational partnerships. The Danish company, recognised as a global climate action leader, maintains its vision of creating a world powered entirely by green energy through its development and operation of renewable energy facilities worldwide.
