Ørsted has secured around TWD 90 billion (approx. DKK 20 billion) in project financing for its 632 MW Greater Changhua 2 offshore wind farm, partnering with 25 banks and five Export Credit Agencies (ECAs) to move the project closer to full completion.
The financing package, structured at the asset level, reinforces Ørsted’s strategy to align capital investments with its long-term partnership and divestment program. While Ørsted typically raises funds at the group level, this deal underscores its ability to tailor project-specific financing solutions for its offshore wind developments in Asia.
Located 50–60 kilometers off Taiwan’s Changhua County coastline, Greater Changhua 2 consists of two phases. Greater Changhua 2a is already operational, while 2b remains under construction and is scheduled for commissioning by the end of 2025. This offshore facility is a central part of Taiwan’s renewable energy ambitions and represents a key step for Ørsted in strengthening its footprint in the region.
Trond Westlie, Ørsted‘s Group CFO, noted, “We’ve received very strong support from both international and local banks and export credit agencies for the project financing of Greater Changhua 2.” He added that the broad financial backing reflects confidence in the project’s “robust contractual structures” and Ørsted’s capability to manage asset-level deals.
The financing arrangement is backed by five export credit agencies: Export Finance Norway (Eksfin), Export and Investment Fund of Denmark (EIFO), Export-Import Bank of Korea (KEXIM), Export-Import Bank of the Republic of China (T-EXIM), and UK Export Finance (UKEF). These ECAs are offering guarantees to mitigate risk and facilitate international collaboration in offshore energy development.
This transaction will also pave the way for an upcoming equity divestment, which is expected to close once the project is operational. The process highlights Ørsted’s broader approach to rotating capital and managing project risk across its global wind portfolio.
