UK Export Finance (UKEF) is providing a €146 million buyer credit guarantee to support Ørsted’s Greater Changhua 2 offshore wind farm in Taiwan, creating new opportunities for British exporters in the renewable energy sector, the government said on Monday.
The 632-megawatt project, part of Taiwan’s broader energy transition strategy, will see participation from UK-based firms including Cadeler, CRP Subsea, Ordtek, and Cathie, which will supply specialised services and components.
“This shows how government is boosting exports in our key growth sectors and supporting jobs across the country as part of our Plan for Change,” said Gareth Thomas, UK Minister for Exports. “This investment will enable British innovation in renewable technology to scale up Taiwan’s clean energy transition.”
The project is expected to reduce annual carbon emissions by approximately 1.1 million tonnes of CO₂ equivalent. Financing is being provided in cooperation with export credit agencies from Denmark, Norway, South Korea, and Taiwan, underscoring international interest in Taiwan’s offshore wind market.
The UK government said the deal supports economic growth and employment in the domestic supply chain, while aligning with its net-zero objectives and industrial strategy. UKEF, the UK’s export credit agency, has up to £13 billion in lending available to help British businesses expand internationally.
“We’ve received very strong support from both international and local banks and export credit agencies for the project financing of Greater Changhua 2,” said Trond Westlie, CFO of Ørsted. “This shows that there is a healthy appetite for premium assets with robust contractual structures, and it’s a clear sign that we’re working diligently to deliver on our divestment and partnerships programme.”
Greater Changhua 2 is part of Ørsted’s broader offshore wind development portfolio in Asia, which aims to support regional decarbonisation efforts while providing export-driven growth opportunities for partner nations.
