Ørsted announces green bonds in Taiwan

In: Windfarms
04/11/2020
Ørsted has announced its intention to issue green unsecured senior bonds in Taiwanese Dollars (TWD) for the purpose of raising green financing for its continuing investments in its Greater Changhua 1 & 2a offshore wind projects. It is the second time Ørsted has issued green TWD bonds in the Taiwanese market.

Ørsted is targeting three tranches of green senior unsecured bonds with maturities of 7, 10 and 20 years for a total nominal amount of up to TWD 15 billion subject to market conditions. The final sizes, tranches, and pricing of the green senior bonds will be determined when the book-building process closes.

The bonds will be issued by Ørsted Wind Power TW Holding A/S under Ørsted’s EMTN-programme and backed by a guarantee from Ørsted A/S. The issuing entity is rated twAA by Taiwan Rating (a subsidiary of Standard & Poor’s) covering Ørsted’s activities in Taiwan. Ørsted A/S is rated Baa1 with stable outlook by Moody’s, BBB+ with stable outlook by Standard & Poor’s, and BBB+ with stable outlook by Fitch.

The green TWD bonds will be issued in accordance with Ørsted’s Green Finance Framework, which has received a second opinion with a Dark Green shading from CICERO.

Ørsted has selected BNP Paribas, Cathay United Bank, and CTBC Bank to act as Mandated Lead Arrangers on the transaction.

Greater Changhua 1 & 2a will be located 35-50 kilometres off the coast of Changhua County and will have a combined capacity of around 900 MW, enough to supply around 1 million Taiwanese households with green power. The offshore wind farm is scheduled to be constructed in 2021 and 2022.

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