Ørsted has made a final investment decision to go ahead with its planned 920 megawatt (MW) Greater Changhua 2b and 4 offshore wind farms in Taiwan with expected completion by the end of 2025, the Danish energy group said on Friday.
Ørsted was awarded the project in June 2018 in Taiwan's first competitive price-based auction, and secured long-term revenues in a corporate power purchase agreement in July 2020 with Taiwan Semiconductor Manufacturing Company Limited.
The offshore wind farms are expected to begin onshore construction in 2023 with the fabrication of components in 2023-2024.
The projects will be funded by Ørsted's capital as well as debt from the domestic Taiwanese market, backed by an Orsted parent company guarantee.
The company did not say how much it would invest in the wind farms.
(Reuters - Reporting by Terje Solsvik, editing by Louise Rasmussen)