Orsted has reached financial close on a project financing deal for its 632MW Greater Changhua 2 offshore wind farm in Taiwan.
The TWD90bn (€2.7bn) package was arranged with 25 banks and five export credit agencies, and marks a key step in Orsted’s strategic divestment and partnership programme.
Greater Changhua 2 consists of the operational 2a site and the 2b project, which is under construction and due for commissioning by the end of 2025.
Orsted said the financing was structured at the asset level to support a future equity divestment once the full project is operational.
Group chief financial officer Trond Westlie said: “We’ve received very strong support from both international and local banks and export credit agencies.
“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.”
The five export credit agencies backing the transaction are 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.
Orsted said the financing structure was originated and arranged internally, drawing on the company’s experience in supporting incoming investment partners.