Ørsted to sell half of Taiwanese offshore wind farm to life insurance firm

As part of the agreement, Ørsted will construct Greater Changhua 4 under a full-scope EPC contract. It will also provide long-term O&M services from its hub at the Port of Taichung.

The total sales price comprises the acquisition of the 50% stake, alongside the commitment from the partners to fund 50% of the payments under the EPC contract. 

The total value of the transaction is approximately DKK 11.6 billion (€1.6 billion) and, with all regulatory approvals having been obtained, the deal is expected to close before the end of the year.

The 920MW Greater Changhua 2b and 4 is backed by a 20-year fixed-price corporate power purchase agreement with Taiwan-based semiconductor company TSMC.

Cathay Life Insurance is a subsidiary of Cathay Financial Holdings, which is also an investor in Ørsted’s 605MW Greater Changhua 1. It is co-owned by Ørsted (50%), with Caisse de dépôt et placement du Québec (CDPQ) and Cathay owning the remaining 50%.