Orsted has outlined its funding plans for four offshore wind farms totalling 2.4GW off the Changhua coast of Taiwan.

The Danish company will use its own capital plus debt finance from local Taiwanese financial institutions, according to Orsted chief financial officer Marianne Wiinholt.

Wiinholt (pictured) met with executives from Taiwanese finance houses today at the Orsted Financing Symposium Taiwan, an event the company organised to outline the funding strategy for the wind farms.

The company estimates that the total cost of the projects will be about NTD380bn (€10.5bn).

Orsted will also pursue partnerships with institutional investors in developing the projects and issue green bonds in Taiwanese dollars to raise finance. 

The company said it has already had talks with Taiwanese banks, the Taipei Exchange and local financing authorities about bond issuance.

Orsted received environmental approval from the Taiwanese authorities for the wind farms last month.

The projects will be located between 35km and 60km from shore, with construction of the first one to start next year, subject to a final investment decision.

Image: Orsted