UK Export Finance backs GBP 245m export credit guarantee for Taiwan's Greater Changhua 4 offshore wind project

Mechanism

UKEF, the UK's export credit agency, is providing export credit support with a maximum liability of approximately GBP 245 million backing Cathay Wind Power Co Ltd's financing for the Greater Changhua 4 (Northwest) offshore wind farm in the Formosa Strait off Taiwan (583MW; 42 turbines at 14MW each; project company jointly held by Orsted and Cathay Wind Power).

As with UKEF's earlier Greater Changhua 2 guarantee (2025-07-10, EUR 146m), the support is conditioned on the project procuring specified services from named UK exporters — Seajacks for installation-vessel charter and CRP Subsea for cabling — which is why Global Trade Alert classifies it as a "local value added incentive" alongside trade finance, rather than pure untied project finance.

Severity is set low (2) and quant-based: GBP 245m is a modest guarantee relative to UKEF's typical large infrastructure exposure, and the mechanism enables rather than restricts trade (no tariff, quota, or market-access barrier is imposed).

Downstream implications

• Second UKEF guarantee on the Greater Changhua wind buildout inside a

year (following Changhua 2, 2025-07-10), reinforcing Taiwan's offshore wind pipeline as a recurring venue for UK ECA-backed local-content deals.

• Continues the UK's pattern of using export-credit-agency guarantees as

an industrial-policy lever to secure offshore-wind supply-chain work for UK firms (Seajacks, CRP Subsea), the same toolkit later applied domestically via the Critical Goods Export Development Guarantee (2025-11-24).

Open questions

• No disclosed breakdown of how much of the GBP 245m guarantee value maps

to Seajacks' vs CRP Subsea's contracts.

• Unclear whether this and the Changhua 2 guarantee are part of a broader

standing UKEF-Orsted framework for the wider Greater Changhua portfolio (2a operational, 2b/4/others in development). </content>