UK Export Finance (UKEF), the UK’s export credit agency, has awarded a £200m (US$280m) buyer credit guarantee to finance the 605 MW Greater Changhua 1 offshore wind project in Taiwan, which is developed by Ørsted.
The project is part of Ørsted's 900 MW Greater Changhua 1 & 2a Offshore Wind Farm project, that the group will build under an Engineering, Procurement, and Construction (EPC) contract; it will also provide long-term operations and maintenance (O&M) services for the project. The Changhua 1 and 2a offshore wind projects will be built under two phases of roughly 450 MW each and are expected to be commisioned in late 2021 and 2022. Overall, the Greater Changhua offshore wind project has a total potential capacity of 2,400 MW. With a total of about 1,800 MW earmarked for build-out in 2021 and 2025, the remaining 600 MW can participate in future auction rounds. In June 2018, Ørsted was awarded the right to build another 920 MW offshore wind project in Taiwan through its Changhua 2b and 4 sites. The FID is expected in 2023 and the projects could be commissioned as early as 2025. In January 2021, the Danish energy group signed agreements to sell a 50% stake in the project to a consortium of Caisse de dépôt et placement du Québec (CDPQ) and Taiwanese private equity fund Cathay PE; CDPQ will be the majority owner among the partners. The transaction is pending regulatory approval from the Taiwanese authorities.
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