Ørsted has reached financial close on a project finance package with 25 banks and 5 Export Credit Agencies (ECAs) to raise approximately TWD 90 billion (about DKK 20 billion) for the offshore wind farm Greater Changhua 2.
This is part of the financing structure for the project, on which Ørsted is progressing simultaneously with an equity divestment expected to be completed once the project is operational.
Located approximately 50-60 km off the coast of Changhua County, Taiwan, Greater Changhua 2 is a 632 MW array consisting of 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.
Trond Westlie, group CFO of Ørsted, said: “We’ve received very strong support from both international and local banks and export credit agencies for the project financing of Greater Changhua 2 … showing 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.”
The asset-level project financing package, which was originated and structured by Ørsted, will be supported by guarantees from 5 ECAs: Export Finance Norway, the Export and Investment Fund of Denmark, the Export-Import Bank of Korea, Export-Import Bank of the Republic of China, and UK Export Finance.
