Britain guarantees €146 Million for major offshore wind project in Taiwan

Image Credit: UKEF

The UK is taking another big step toward global clean energy leadership. UK Export Finance (UKEF) has stepped in to support the development of a massive offshore wind farm in Taiwan, thereby unlocking new opportunities for British exporters in the fast-growing renewable energy market.

As part of the government’s broader economic growth agenda under the Plan for Change, UKEF is providing a €146 million Buyer Credit Guarantee. This funding will help bring 632 megawatts of clean energy capacity to life in the Taiwan Strait, enough to power hundreds of thousands of homes.

This isn't just about turbines in the water. The deal puts UK firms like Cadeler, CRP Subsea, Ordtek, and Cathie on the map for international contracts. These companies will supply highly specialized services and key components for the project, strengthening the UK’s renewable energy supply chain and creating high-value jobs across the country.

It also reinforces Britain’s ambition to become a true clean energy superpower, an idea that sits at the heart of the country’s modern Industrial Strategy.

Leading the charge is Ørsted, the Danish energy giant that has made one of the most dramatic pivots in the energy sector, moving away from fossil fuels to become one of the world’s most prominent renewable energy developers.

The wind farm is expected to reduce emissions by an estimated 1.1 million tonnes of CO₂ equivalent annually. That’s a serious environmental win, not just for Taiwan, but for the planet.

This project isn’t happening in isolation either. It’s part of a global financing effort, with support from other export credit agencies in Denmark, Norway, South Korea, and Taiwan. This collaborative push underscores just how international the clean energy transition is.

Minister for Exports, Gareth Thomas, said:

"This shows how the Government is boosting exports in our key growth sectors and supporting jobs across the country as part of our Plan for Change."

"This investment will enable British innovation in renewable technology to scale up Taiwan’s clean energy transition and follows our modern Industrial Strategy, which provides up to £13 billion of direct lending for UKEF to help businesses to export."

Trond Westlie, Group CFO of Ørsted, said:

"We’ve received very strong support from both international and local banks and export credit agencies for the project financing of Greater Changhua 2. This shows that there is a healthy appetite for premium assets with robust contractual structures, and it’s a clear sign that we’re working diligently to deliver on our divestment and partnerships programme."

Danielle Baron, Global Head of Energy & Real Assets, Credit Agricole CIB, said:

"As the ECA Coordinator and Documentation Bank for the multi-billion financing of the Greater Changhua 2 project, Crédit Agricole CIB reaffirms its strong commitment to the renewable energy sector. This landmark transaction highlights our dedication to supporting our clients and partners in delivering society’s clean energy needs. It underscores the strength of our collaboration with UKEF and the other European Export Credit Agencies, whose contribution has been key to the development of the offshore wind sector in the APAC region."

"This announcement helps to deliver UKEF’s goal to provide at least £10 billion of financing for sustainable and renewable projects by 2030, enabling the UK to build export opportunities in clean growth sectors while supporting global decarbonisation efforts."