- UK Export Finance is providing a €146 million guarantee to support Ørsted’s 632 MW offshore wind project in Taiwan.
- The project will cut 1.1 million tonnes of CO₂ annually and support the UK’s £10 billion clean energy export target by 2030.
The UK government has stepped up efforts to lead global clean energy by supporting the construction of a major offshore wind farm in Taiwan. UK Export Finance (UKEF) has provided a €146 million buyer credit guarantee for the project, opening doors for British firms in the fast-growing renewable sector.
The financing supports the Greater Changhua 2 wind farm, a 632-megawatt project in the Taiwan Strait. Once operational, the facility will supply clean electricity to hundreds of thousands of homes and cut carbon emissions by around 1.1 million tonnes of CO₂ annually.
British companies, including Cadeler, CRP Subsea, Ordtek, and Cathie, will supply specialist services and components, reinforcing the UK’s renewable supply chain and creating skilled jobs at home.
“This deal shows how the Government is boosting exports in key growth sectors and supporting jobs across the country as part of our Plan for Change,” said Minister for Exports Gareth Thomas. “It also enables British innovation to support Taiwan’s clean energy transition and aligns with our modern Industrial Strategy.”
Ørsted, the Danish renewable energy developer leading the project, has attracted financing from international and local banks. Export credit agencies from Denmark, Norway, South Korea, and Taiwan also support the deal, highlighting the global nature of the clean energy transition.
In addition, Ørsted’s Group CFO Trond Westlie said the strong financial backing reflects “healthy appetite for premium assets with robust contractual structures” and supports the company’s divestment and partnership goals.
Crédit Agricole CIB, the export credit agency coordinator, emphasised its commitment to clean energy.
“This landmark transaction highlights our dedication to supporting clients and delivering society’s clean energy needs,” said Danielle Baron, Global Head of Energy & Real Assets at the bank.
The investment aligns with UKEF’s goal to provide at least £10 billion in financing for sustainable and renewable projects by 2030, helping UK exporters grow in clean technology while supporting global decarbonisation.