Danish energy company Orsted has reached financial close on a project finance package to raise approximately TWD90 billion ($3.08 billion) for its 632-megawatt Greater Changhua 2 offshore wind farm in Taiwan.
The financing was provided by a consortium of 25 banks and is supported by guarantees from five export credit agencies (ECAs), including those from Denmark, Norway, South Korea, Taiwan, and the UK. Orsted noted the financing is part of a structure that also includes a planned equity divestment once the project is operational.
The Greater Changhua 2 project is located approximately 50 to 60 kilometres off the coast of Changhua County. It is comprised of two parts: Greater Changhua 2a, which is already operational, and Greater Changhua 2b, which is currently under construction and expected to be commissioned towards the end of 2025.
Trond Westlie, Group CFO of Orsted, stated that the company received "strong" support from both international and local banks and that the transaction is an important step in its strategic priorities.