Ørsted takes the final investment decision

Ørsted has taken the final investment decision (FID) on its 920 MW Greater Changhua 2b and 4 offshore wind farms in Taiwan with a timeline for completion by the end of 2025.

The 920 MW grid capacity of Greater Changhua 2b and 4 was awarded in June 2018 in Taiwan’s first competitive price-based auction with no mandatory local content requirements. Ørsted subsequently secured long-term revenues for the projects by signing a corporate power purchase agreement (CPPA) in July 2020 with Taiwan Semiconductor Manufacturing Company Limited (TSMC), which is the largest-ever contract of its kind in renewable energy.

Greater Changhua 2b and 4 has a robust business case that will create long-term value for Ørsted stakeholders. Good visibility on the costs has been achieved by utilising Ørsted’s network of regional and global supply chain relationships.

The Greater Changhua 2b and 4 projects will be funded by capital provided by the Ørsted Group combined with debt capital sourced from the domestic Taiwanese market backed by an Ørsted A/S parent company guarantee.

Located approximately 35-60 km off the Changhua coast, the Greater Changhua 2b and 4 offshore wind farms have obtained all environmental impact assessment approvals. The Greater Changhua 2b and 4 offshore wind farms are expected to begin onshore construction in 2023 with the fabrication of components in 2023-2024 and completion of offshore construction expected by the end of 2025.

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