Ørsted today announced the official close of a $3 billion financing deal. This funding will help the Greater Changhua 2 offshore wind farm, located and operated in Changhua County, Taiwan. This project has a notable capacity with 632 megawatts (MW) of capacity. It underscores the company’s firm commitment to delivering more renewable energy solutions across Asia. The wind farm consists of two components: the operational Greater Changhua 2a and the under-construction Greater Changhua 2b, which together aim to enhance Taiwan’s clean energy landscape.
The Greater Changhua 2 wind farm is strategically situated between 50 and 60 kilometers offshore from Taiwan’s coastline, positioning it to harness the region’s robust wind resources. Ørsted still plans to have the wind farm completely commissioned by the end of 2025. This accomplishment will be instrumental in enabling Taiwan to achieve its ambitious renewable energy targets.
Strong Financial Backing
Ørsted has now won huge financial support for the Greater Changhua 2 project. Export credit agencies from international and local banks have filled the gap on riskier and crucial financing.
“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.” – Trond Westlie
This impressive fiscal support is both a testament to the project’s promise and a recognition of the overall direction of the world toward sustainable energy investments.
Commitment to Renewable Energy
The Greater Changhua 2 wind farm is a big leap toward Ørsted’s long-term sustainable development strategic priorities direction of renewable energy and advancement. While Ørsted primarily undertakes funding at the group level, the company has extensive experience in structuring financing packages for incoming partners.
“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.” – Ørsted representative
This new commitment further bolsters Ørsted’s already strong and growing portfolio. It has a huge impact on the overall fight against climate change by proactively advancing clean energy solutions.
Government Support and Economic Impact
The funding for the Greater Changhua 2 project aligns with Taiwan’s governmental initiatives to boost exports in key growth sectors while creating jobs nationwide. Our investment nurtures British innovation in renewable technology supporting Taiwan’s transition to clean energy.
“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.” – Government spokesperson
Taiwan encourages international partnerships to help establish Taiwan as an international renewable energy leader. It’s a historic precedent for other nations that are working hard to develop their energy infrastructures.