Denmark’s export credit agency, EIFO, has joined a consortium of international financial institutions to support Ørsted’s latest offshore wind development in Taiwan: the Greater Changhua 4 project, with a generating capacity of 583 megawatts.
Six export credit agencies, including EIFO, have collaborated to structure a financing package that marks a notable expansion of international support for offshore wind development.
This transaction represents the first offshore wind project guaranteed by Taiwan’s National Credit Guarantee Administration.
The project distinguishes itself through a Corporate Power Purchase Agreement (CPPA) with Taiwan Semiconductor Manufacturing Company (TSMC), a leading global microchip manufacturer. A secondary power purchase agreement with state-owned utility Taipower provides additional financial stability.
Peter Boeskov, CCO at EIFO, highlighted EIFO’s participation in Greater Changhua 4 as “a testament to our commitment to sustainable energy solutions and our confidence in Ørsted’s expertise and experience in offshore wind energy.”
Ørsted will construct the wind farm and manage operations through a 20-year maintenance contract, leveraging its extensive experience in offshore renewable energy development.
Export credit agencies playing a crucial role in financing complex infrastructure projects in renewable energy, across national boundaries.
Rasmus Errboe, Deputy CEO of Ørsted, said, “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.”
