· 3 min read
illuminem summarises for you the essential news of the day. Read the full piece on The Wall Street Journal or enjoy below:
🗞️ Driving the news: Ørsted has secured over $3 billion in financing for its 632 MW Greater Changhua 2 offshore wind farm in Taiwan, marking progress on one of Asia’s largest offshore renewable projects
• The Danish energy company reached financial close with a consortium of 25 banks and five export credit agencies, despite ongoing challenges in key U.S. and European markets that have forced it to cancel or impair several other projects
🔭 The context: Offshore wind developers are under mounting pressure from rising interest rates, supply chain delays, and adverse regulatory shifts — particularly in the U.S. under the Trump administration
• Ørsted (see sustainability performance) has written down billions on U.S. and U.K. projects this year, including the suspension of Hornsea 4 and delays at New York’s Sunrise Wind
• Nonetheless, Taiwan remains a cornerstone of Ørsted’s Asian strategy, with its government maintaining supportive policies to expand renewable capacity
🌍 Why it matters for the planet: The Greater Changhua 2 project reinforces the critical role of Asia in global offshore wind expansion as Western markets falter under cost and policy headwinds
• The project will contribute significantly to Taiwan’s clean energy targets and regional decarbonisation, demonstrating that investor appetite and viable frameworks can still unlock large-scale renewables even in a challenging macroeconomic environment
⏭️ What's next: Ørsted plans to complete construction of Greater Changhua 2b by late 2025, while pursuing an equity divestment of the wind farm once fully operational
• Investors and policymakers will watch closely as Ørsted reassesses its global portfolio amid financial strains, which could redefine its geographic focus and investment priorities in the near term
• Taiwan’s continued progress could also set a benchmark for other Asian markets seeking to scale offshore wind
💬 One quote: “Despite headwinds in other regions, this financing milestone underlines our commitment to Taiwan and the potential of offshore wind in Asia,” Ørsted said in a statement
📈 One stat: Ørsted raised approximately 90 billion New Taiwan dollars ($3.08 billion) for the Greater Changhua 2 project through the latest financing package
See on illuminem's Data Hub™ the sustainability performance of Ørsted, and its peers Equinor, and Iberdrola
Click for more news covering the latest on wind energy
