Orsted has reached financial close on a NT$90 billion ( US$3.06 billion ) project finance package for the 632-megawatt offshore wind farm Greater Changhua 2.

The financing package, originated and structured by Orsted, will be supported by guarantees from Export Finance Norway ( Eksfin ), the 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 ). A total of 25 banks participated.

Located approximately 50-60 kilometres off the coast of Changhua County, Taiwan, Greater Changhua 2 comprises Greater Changhua 2a, which is operational, and Greater Changhua 2b, which is currently under construction and is expected to be commissioned towards the end of 2025.

“We’ve received very strong support from both international and local banks and export credit agencies for the project financing of Greater Changhua 2," says Orsted chief financial officer Trond Westlie. "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 Orsted’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.”