Orsted lands $3bn financing package for offshore wind project

Orsted has reached financial close on a deal to raise around $3bn to build a major offshore wind farm in Taiwan.

The Danish developer announced today that it has secured a project finance package with 25 banks and five export credit agencies to raise approximately TWD 90 billion ($3bn) for its 630MW Greater Changhua 2 project.

“We’ve received very strong support from both international and local banks and export credit agencies for the project financing of Greater Changhua 2,” said Orsted group CFO 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.”

Orsted named the five Export Credit Agencies as: Export Finance Norway, the Export and Investment Fund of Denmark, the Export-Import Bank of Korea, the Export-Import Bank of the Republic of China and UK Export Finance.

Located approximately 50-60 km off the coast of Changhua County, Taiwan, Greater Changhua 2 is comprised of Greater Changhua 2a, which fired up in April last year, and Greater Changhua 2b, which is under construction and expected to power up later this year.

These are part of the Greater Changhua zone, which has a combined capacity of approximately 2.4GW.

Greater Changhua 1, a 605MW project brought online last year, is half owned by Orsted and half by a consortium of other players.

Orsted has played a pioneering role in Taiwan’s offshore wind sector, beginning with its 128MW Formosa 1 project commissioned in 2019.