Ørsted has reached financial close on a project finance package with 25 banks and five Export Credit Agencies (ECAs) to raise approximately TWD 90 billion (about DKK 20 billion) for the 632 MW offshore wind farm Greater Changhua 2, according to the company's release.
The financing is structured at the asset level and arranged by Ørsted, which expects to complete an equity divestment once the project becomes operational.
Greater Changhua 2, located around 50–60 km off the coast of Changhua County, Taiwan, comprises two phases: the operational 2a and the 2b segment currently under construction, which is scheduled for commissioning by the end of 2025.
Trond Westlie, Group CFO of Ørsted, commented: “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. 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 financing will be backed by guarantees from five ECAs: Export Finance Norway (Eksfin), the Export and Investment Fund of Denmark (EIFO), the Export‑Import Bank of Korea (KEXIM), the Export‑Import Bank of the Republic of China (T‑EXIM), and UK Export Finance (UKEF).
Denmark‑based Ørsted A/S develops, constructs and operates renewable energy assets including offshore and onshore wind farms, solar facilities, energy storage and bioenergy plants. With headquarters in Fredericia and approximately 8,300 employees, the company reported revenues of DKK 71 billion (€9.5 billion) in 2024.