DNV has served as Lenders’ Technical Advisor for the financing of Ørsted’s 632-megawatt (MW) Greater Changhua 2 offshore wind farm in Taiwan, which reached financial close in July, the company said on Tuesday.
The project, located 50 to 60 kilometres off the coast of Changhua County, includes the operational Greater Changhua 2a and the under-construction Greater Changhua 2b. Backed by 25 banks and five export credit agencies, the financing marks one of the largest offshore wind transactions in the Asia-Pacific region.
DNV’s advisory role included an independent energy yield assessment and comprehensive technical due diligence on the wind farm and its transmission infrastructure.
“DNV’s appointment as Lenders’ Technical Advisor reflects our deep offshore wind expertise, deep knowledge of Taiwan environment, and longstanding relationship with Ørsted,” said Brice Le Gallo, Vice President and Regional Director for APAC, Energy Systems. “The financial close represents a major milestone in Taiwan’s energy transition and ensures further progress on Ørsted’s strategic divestment and partnership programme.”
The project is expected to supply clean electricity to hundreds of thousands of households and contribute to local employment and supply chain development. It forms part of Taiwan’s national offshore wind development goals, which target 5.7 gigawatts (GW) by 2025 and 15GW by 2035.
Ming Hui Zhang, APAC Offshore Wind Segment Lead at DNV, added: “DNV’s independent technical assurance has contributed to a confident and timely financial close for this complex, large-scale offshore wind project, which is situated in a seismic and typhoon-prone region.”
DNV said offshore wind is expected to grow at an annual rate of 12% globally until 2050, playing an increasingly central role in the energy transition.
