Supporting Ørsted’s equity divestment to Cathay Life Insurance and staple financing of the 583 MW Greater Changhua 4 offshore wind project

Client successes
21/01/2025

The c.US$1.6 billion project finance debt facility for the Greater Changhua 4 offshore wind farm, comprising both a senior loan and an equity bridge facility, achieved financial close in December 2024.

Located alongside the Greater Changhua 1 and 2a which are fully operational, the Greater Changhua 4 site is part of Danish power leader Ørsted's 1.82GW Greater Changhua offshore wind cluster, which can produce enough energy to power nearly two million Taiwanese households annually. Currently under construction, Greater Changhua 4 is expected to be completed by the end of 2025.

Following the investment by Taiwanese insurance giant Cathay Life, the project is jointly and equally owned by Ørsted and Cathay Life Insurance. It marks the first major direct equity investment in an offshore wind asset by a Taiwanese life insurer. As the first offshore wind project in Asia to be 100% backed by a corporate offtake, it represents a significant milestone for the sector and the renewable energy industry in APAC. The project was voted Asia Pacific Power Deal of the Year 2024 by PFI, a leading trade publication specialising in project finance.

Crédit Agricole CIB was mandated as the sole Documentation Bank and Export Credit Agency (ECA) Coordinator, as well as Lender (both senior facilities and equity bridge facility), Mandated Lead Arranger & Bookrunner, and Hedging Counterparty. The landmark investment is backed by 15 international and domestic banks, as well as six foreign and local ECAs.

This transaction underscores Crédit Agricole CIB’s continued commitment to supporting Taiwan's energy transition. Drawing on this local expertise and experience, the Bank has expanded its products and advisory services throughout the region, including India, Japan, and South Korea – where the renewable energy sector is booming with increasing demand for financing support.

We are delighted to have supported Ørsted and Cathay Life Insurance on this landmark transaction. This marks the eighth successfully closed offshore wind project in Asia by our team in a leading role, an achievement we are proud of and a demonstration of our leadership in the market.

Carine Galtier

Managing Director, Energy and Infrastructure Group Asia

Greater Changhua 4 project successful closing evidences, once again, Crédit Agricole CIB’s leadership in the OSW industry. Our experience is valued and recognised globally by our clients as advisor and lender, and the ECA Coordination role on Greater Changhua 4 Project demonstrates Ørsted's trust in Crédit Agricole CIB to reach agreements and deliver in this multi-billion transaction in Taiwan. The robustness of our project finance team in APAC provides full comfort that we are giving our clients the best possible service.

Guillaume Richard

Global Head of Power & Utilities

The successful financial close of our eighth offshore wind project in Taiwan has reinforced our strong commitment to Taiwan’s pathway to net-zero emissions in 2050. In addition to continued support for our strategic multinational clients in the renewable energy space, this landmark transaction has further expanded our support for local financial institution clients. We are thrilled to have accompanied this financing which highlights our extensive client coverage in Taiwan, paving the way for the business transformation of our Taiwan franchise.

Laurent Potin

CEO of Taipei Branch

We are pleased to be trusted financing partners of Ørsted and Cathay Life Insurance, both significant clients of the Bank, to support them in lead roles for this high profile transaction. It represents a milestone collaboration between our Corporate & Leveraged Finance team and Energy & Infrastructure Group team, demonstrating that we can definitely achieve greater success through cross business line cooperation.

Kenneth Lee

Managing Director, Head of Acquisition Finance & Advisory and Leveraged & Telecom Finance Asia

We are pleased to have supported Greater Changhua 4, a project that marks the third successful collaboration between our Energy and Infrastructure Group Asia team and Ørsted in their core market: Taiwan. The completion of this landmark transaction represents an important step forward, which further consolidates our position as a key relationship bank and resulted in Ørsted entrusting us with a lead role in their next offshore wind project in Taiwan.

Frederic Bøe-Beaujean

Denmark Branch Manager

Client successes
Green finance
#AsiaPacific#Taiwan#Infrastructure

FindThe latest related news

  • Client successes
    Article20/11/2024

    Crédit Agricole CIB advised the Urban Renewal Authority to publish its first Sustainable Finance Framework

  • Green finance
    Article17/05/2024

    Crédit Agricole CIB supports its clients through two energy transition projects

  • Client successes
    Article12/01/2024

    CDPQ completes acquisition of leasing company Akiem