Ørsted has reached financial close on a package to raise around TWD 90 billion for the Greater Changhua 2 project. It is a 632 MW offshore wind farm and is located about 50 to 60 km off the coast of Changhua in Taiwan. The project consists of Greater Changhua 2a and Greater Changhua 2b. Greater Changhua 2a is operational, whereas Greater Changhua 2b is under construction and is expected to be commissioned towards the end of 2025.
The asset-level project financing package was originated and structured by Ørsted. Furthermore, it will be supported by 25 banks and by guarantees from five Export Credit Agencies. The agencies are Export Finance Norway, the Export and Investment Fund of Denmark, the Export-Import Bank of Korea, Export-Import Bank of the Republic of China, and UK Export Finance.
Earlier in May 2025, Ørsted completed the sale of a 24.5 per cent stake in the 389 MW West of Duddon Sands offshore wind farm to funds managed by Schroders Greencoat. The transaction is valued at GBP 456.1 million on a debt-free basis. Located around 14 km off the west coast of the UK, the wind farm has been operational since 2014.
REGlobal’s Views: This project is being funded by a mix of various domestic and international organisations, showing the investors’ confidence in the emerging Taiwanese offshore wind market. The country has a large pipeline of offshore wind projects that will help attract more investment and achieve the target of 15 GW of offshore wind to be constructed between 2026 and 2035.
