With approximately 1 billion DKK, EIFO is participating in the financing of Ørsted's Greater Changhua 4 project in Taiwan, alongside several other export credit agencies.
EIFO is pleased to announce our participation in the financing of Ørsted's latest offshore wind project in Taiwan, known as Greater Changhua 4. The project, with a capacity of 583 MW, marks another significant step in Ørsted's commitment to Taiwan, where they have already completed projects such as Greater Changhua 1 and 2a.
The financing package, which was structured and led by Ørsted, will be supported by guarantees from six export credit agencies (ECAs): Credendo, the Export and Investment Fund of Denmark (EIFO), Export Finance Australia (EFA), Korea Trade Insurance Corporation (KSURE), Taiwanese National Credit Guarantee Administration (NCGA), and UK Export Finance (UKEF). This is the first time that the government-run NCGA has guaranteed offshore wind financing.
"We are delighted to support Ørsted again in Taiwan on this project, which also promotes the green transition. Our participation in Greater Changhua 4 is a testament to our commitment to sustainable energy solutions and our confidence in Ørsted's expertise and experience in offshore wind energy," says Peter Boeskov, CCO at EIFO.
EIFO’s First CPPA Project in Taiwan
Greater Changhua 4 is EIFO's first project in Taiwan with a Corporate Power Purchase Agreement (CPPA) with Taiwan Semiconductor Manufacturing Company (TSMC), a leading global manufacturer of microchips.
Additionally, there is a backup Power Purchase Agreement (PPA) with the state-owned utility company, Taipower.
Ørsted is also pleased to have secured the financing.
“We’re pleased to apply our partnership model in Asia Pacific once again and advance the development of offshore wind in the region with Cathay, with whom we have great collaboration experience. We’re satisfied with the transaction as it represents another important milestone in our partnership and divestment programme and ensures further progress towards our mid- and long-term targets,” says Rasmus Errboe, Deputy CEO and Chief Commercial Officer at Ørsted.
Ørsted will construct the project and will operate it under a 20-year O&M contract.
