Ørsted has closed a finance package of T$90bn ($3.08bn) to support the development of the Greater Changhua 2 offshore wind farm in Taiwan.
The deal comprises contributions from 25 banks and five export credit agencies: Export Finance Norway (Eksfin), EIFO Denmark, KEXIM South Korea, T-EXIM Taiwan and UK Export Finance (UKEF).
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The financial close is part of Ørsted’s broader strategy, which includes an equity divestment programme to be completed when the project becomes operational.
The Greater Changhua 2 wind farm is between 50 and 60km offshore Taiwan’s Changhua County.
With a capacity of 632MW, it includes the operational Greater Changhua 2a and the under-construction Greater Changhua 2b, with full commissioning expected by late 2025.
Ørsted Group chief financial officer Trond Westlie stated: “We’ve received very strong support from both international and local banks and export credit agencies for the project financing of Greater Changhua 2. This shows 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.
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By GlobalData“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. This transaction is another important step forward for the strategic priorities we’ve set for ourselves.”
The project is also expected to support UK-based companies such as Cadeler, CRP Subsea, Ordtek and Cathie to supply services and components.
Minister for Exports Gareth Thomas said: “This shows how government is boosting exports in our key growth sectors and supporting jobs across the country as part of our Plan for Change.
“This investment will enable British innovation in renewable technology to scale up Taiwan’s clean energy transition and follows our modern industrial strategy, which provides up to £13bn of direct lending for UKEF to help businesses to export.”
In May 2025, Ørsted finalised the sale of a 24.5% stake in the West of Duddon Sands offshore wind farm, 14km from the west coast of England, to Schroders Greencoat.
