Tsar & Tsai has advised the finance parties successfully reaching financial close on the NT$90 billion (approximately US$3.3 billion) project financing for the 632MW Ørsted’s Greater Changhua 2 Offshore Wind Farm. The key members of our team include Partner Janice Lin, Integrated Partner Anthony Hsieh, and Senior Associate Ellen Peng.

The project financing reached financial close on July 10, 2025. The finance parties include five export credit agencies (ECAs) — National Credit Guarantee Administration (NCGA), Export & Investment Fund of Denmark (EIFO), Export Finance Norway (Eksfin), the Export-Import Bank of Korea (KEXIM) and UK Export Finance (UKEF), along with 25 commercial banks, including all eight Taiwanese state-owned banks.

The Greater Changhua 2 Offshore Wind Farm consists of the 295MW Greater Changhua 2a project, which commenced commercial operations in 2023, and the 337MW Greater Changhua 2b project, which is currently in construction and scheduled to be commissioned by the end of 2025.

This transaction marks the 7th successfully closed offshore wind project financing in Taiwan on which the Tsar & Tsai team has advised. This transaction follows our firm's previous role advising on the NT$53.3 billion (approximately US$1.6 billion) project financing completed in late 2024, which enabled Cathay Life to acquire a 50% equity interest in Ørsted’s 583MW Greater Changhua 4 Offshore Wind Farm. Our representation of the Finance Parties in this transaction reinforces our position as a leading law firm in renewable energy and project finance in Taiwan.