Credendo supports the Greater Changhua offshore wind project in Taiwan

Credendo contributes to Ørsted’s and DEME’s expansion in the Taiwanese market. Ørsted, the Danish global leader in offshore wind, is currently constructing Greater Changhua 4, a 583 MW offshore wind farm located next to its 337 MW Greater Changhua 2b offshore wind farm in Taiwan. Both projects are expected to be completed by the end of 2025. DEME, a leading Belgian contractor in the fields of offshore energy, environmental remediation, dredging and marine infrastructure, was chosen to undertake seabed levelling and pre-installed rock works for the Greater Changhua 2b and 4 offshore wind farms.

Together with five other export credit agencies worldwide Credendo backs a consortium of international and local banks for the debt financing of the purchase of 50% of Ørsted’s equity interest in Greater Changhua 4 by Cathay Life (Taiwan’s largest life insurance company). This deal was financed through a non-recourse project financing, a combination of an equity injection and debt financing. The total sales price of approximately EUR 1.55 billion comprises both the 50% share divestment and a commitment to fund half of the construction of the wind farm. 

The Greater Changhua 2b and 4 offshore wind farms are expected to enable the production of energy to power nearly one million Taiwanese households. Credendo’s participation in this project financing on the back of DEME’s contract fully aligns with Credendo’s commitment to supporting the energy transition and Belgian companies in their international growth opportunities.