Ørsted tops offshore wind foreign investment in Taiwan as funding for Greater Changhua wind farms boosts green economy

  • Ministry of Economic Affairs Investment Commission (MOEAIC)sees 15-year record high in 2022 foreign investment totalling NTD 399 billion (USD 13 billion)
  • Surge in foreign investment driven by renewable energy sector, especially offshore wind related investments, according to MOEAIC
  • Ørsted tops industry peers, accounting for more than 25% or NTD 105.6 billion (USD 3.44 billion) of the MOEAIC approved direct investment, for Greater Changhua offshore wind farms
The green energy sector has attracted record foreign investment and significantly contributed to Taiwan’s economic growth, resulting in a 15-year-high of foreign direct investment of NTD 399 billion (USD 13 billion) in 2022, according to the Investment Commission, Ministry of Economic Affairs (MOEAIC). Ørsted contributed NTD 105.6 billion (USD 3.44 billion) for Greater Changhua offshore wind farms, accounting for over a quarter of Taiwan’s total approved foreign investment and the largest in the offshore wind sector. This demonstrates Ørsted’s vast contribution to driving the offshore wind industry forward and boosting the green economy. 

In light of this positive news, Ørsted hosted an event today (15) with authorities and stakeholders to celebrate its final investment decision (FID) for the 920 MW Greater Changhua 2b and 4 offshore wind farms. The wind farms will support Taiwan’s energy transition targets and provide green energy to support the corporate offtaker Taiwan Semiconductor Manufacturing Company Limited (TSMC) achieve its decarbonisation target and remain competitive in a Net-Zero future.

The event was attended by notable figures, including Wang Mei-hua, Minister of Economic Affairs and Peter Sand, Director of the Trade Council of Denmark in Taipei to recognise Ørsted’s efforts to stimulate green investment in Taiwan.  

Per Mejnert Kristensen, President of Ørsted Asia Pacific, says: “Ørsted is developing, constructing and operating offshore wind farms in Taiwan to create long-term value for the decades ahead of the wind farm life cycle. Our final investment decision for Greater Changhua 2b and 4 demonstrates our commitment to build viable utility-scale projects. We will continue our efforts to cultivate local talent, deliver optimal performance and introduce new technologies to generate green energy in harmony with nature.”

Wang Mei-hua, Minister of Economic Affairs, says: “The final investment decision by Ørsted is very positive and clearly demonstrates that the company is ready to build the wind farms. With Ørsted's profound experience, expertise, and financial capability in the Asia-Pacific region, this final investment decision marks an important milestone to realise our vision to enhance energy security, innovate for a green economy, and promote environmental sustainability.”

Director Sand congratulated Ørsted for achieving the final investment decision on the 920 MW offshore wind farm, marking another key milestone to support Taiwan’s energy transition. The Representative noted that Danish companies are the biggest source of foreign investment in Taiwan, which is evidenced by the strong bilateral collaboration in the offshore wind sector. Sand expressed hopes to continue working with local authorities and stakeholders to maintain the good progress and momentum of offshore wind. 

J.K. Lin, Senior Vice President of Information Technology and Materials Management & Risk Management at TSMC, says: ‘’ As a responsible corporate citizen, TSMC is fully committed to reducing its carbon footprint and does all it can to integrate green management into daily operations through the introduction of innovative green technologies and initiatives. We are delighted to see the wind farms officially entering the construction phase. Clean energy from these projects will contribute positively to Taiwan’s energy transition and support TSMC’s continued efforts to drive green manufacturing as we progress toward our goal of net zero emissions.

Ørsted took the final investment decision on the Greater Changhua 2b and 4 on March 31, bringing the wind farms to the construction phase. Ørsted will kick start building the onshore substations with a ground-breaking ceremony scheduled on May 18 and expect to complete the 920 MW wind farms by the end of 2025.

For further information, please contact: 

Ørsted Asia-Pacific Media Relations
Rachel Chan
+886 933 529 367