Danish offshore wind developer Ørsted has signed an agreement to sell a 50% stake in its Greater Changhua 4 offshore wind farm to Taiwanese Cathay Life Insurance for DKK 11.6 billion (approximately $1.64 billion).
The transaction has been in preparation for over a year, following Ørsted’s selection of Cathay Life Insurance as the preferred bidder for half of its stake in the 583 MW offshore wind farm, a decision made in October 2023 after a competitive divestment process.
Ørsted keeps its remaining 50% ownership stake in the wind farm, while Cathay Life Insurance makes the transaction payment in installments throughout 2024 and 2025.
The Greater Changhua offshore wind farms encompass four development projects in the Changhua region of Taiwan, with a total installed capacity projected to reach 2.4 GW. The Greater Changhua 4 site is part of Ørsted’s larger initiative that includes the 920 MW offshore wind farms Greater Changhua 2b and 4, for which Ørsted secured grid capacity in 2018.
The teams currently work on these wind farms, and they expect to complete them by the end of 2025. Earlier this year, Ørsted inaugurated the Greater Changhua 1 and 2a offshore wind projects, which boast a total installed capacity of 900 MW, making them the largest in Taiwan and the Asia-Pacific region. This project is operational and fully connected to the grid, further solidifying Ørsted’s commitment to renewable energy in Taiwan.
Source: Splash 247Ørsted has signed an agreement to sell a 50% stake in its Greater Changhua 4 offshore wind farm to Taiwanese Cathay Life Insurance.
