The Danish energy group Ørsted has raised TWD15bn (US$524m) through the issuance of green bonds to finance the Changhua 1 and 2a offshore wind projects offshore Taiwan, which will include two phases of roughly 450 MW each. The plants will be located approximately 35-60 km off the coast of Changhua County and are expected to be commissioned in 2021 and 2022. Ørsted secured an establishment permit from the Taiwanese Bureau of Energy in February 2019 along with the approval of its local supply chain plan. The power purchase agreement (PPA) for the two projects was also signed with Taipower at the feed-in-tariff (FiT) announced in January 2019 (TWD 5,106/MWh, i.e. €145/MWh).
The company took the final investment decision on the projects in May 2019. The Changhua 1 and 2a offshore wind projects will belong to the Greater Changhua offshore wind project, which will have a total potential capacity of 2,400 MW. With a total of about 1,800 MW earmarked for buildout 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.
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