White & Case advises on US$3.3 billion project financing for Ørsted’s 632MW Greater Changhua 2 Offshore Wind Farm

Global law firm White & Case LLP has advised the export credit agencies and commercial lenders on the approximately US$3.3 billion project financing of Ørsted’s 632MW Greater Changhua 2 Offshore Wind Farm, located off the coast of Changhua County, Taiwan.

“The White & Case team supported the financiers and Ørsted on yet another landmark transaction, marking the seventh successfully closed offshore wind project in Taiwan on which our team has advised,” said White & Case partner Brendan Quinn, who led the Firm’s deal team. “This achievement further cements White & Case’s reputation as the preeminent legal adviser in the Asia-Pacific offshore wind sector and demonstrates our team’s capability to deliver complex and innovative transactions. Our ongoing commitment to supporting the expansion of the offshore wind industry in Taiwan, and more broadly the Asia-Pacific region, is reflected in our consistent track record of advising on the market leading transactions in this space.”

The project financing achieved financial close on July 10, 2025. The finance parties included five export credit agencies – 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) – and 25 commercial lenders including international, domestic and Taiwan state-owned banks.

The transaction follows the Firm’s recent involvement in the Greater Changhua 4 project financing, which reached financial close in 2024. White & Case advised the finance parties on the US$1.6 billion project financing of the 583MW Greater Changhua 4 Offshore Wind Farm in Taiwan, as part of Ørsted’s 50 percent equity divestment to Cathay Life.

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.

The White & Case team which advised on the transaction was led by partner Brendan Quinn (Melbourne) and included partner Chris Settle (Melbourne), local partner Nathaniel Crowley (Hong Kong), counsel Alexis Fong (Melbourne), and associates Nettie Choo, Elloise Campbell (both Singapore), Annie Tran, Mikaylie Page, Emma Groves, Kate Moriarty (all Melbourne) and Nana Kwon (Seoul).

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