Ørsted has finalized an agreement with Cathay Life Insurance and its affiliate, Cathay Power, for Cathay to acquire a 55% stake in Ørsted’s 632 MW Greater Changhua 2 offshore wind farm.
Located about 50–60 kilometers off Changhua County’s coast, Greater Changhua 2 consists of the 295 MW Greater Changhua 2a, already operational, and the 337 MW Greater Changhua 2b, currently under construction. Completion is expected by Q3 2026.
Ørsted will manage long-term operations and maintenance (O&M) from its hub at the Port of Taichung.
The 55% equity stake transaction is valued at approximately DKK 5 billion (around TWD 25 billion or EUR 669.4 million), accounting for existing project financing.
In July 2025, Ørsted secured project financing of around DKK 20 billion for the entire project.
Cathay and Ørsted have previously collaborated on the Greater Changhua 1 and Greater Changhua 4 projects.
Trond Westlie, Ørsted’s Chief Financial Officer, stated: “After a competitive process with several parties, we are pleased to partner again with Cathay. The transaction highlights strong investor interest in high-quality assets with long-term agreements and enhances our capital structure significantly.”
The transaction is expected to close alongside the project’s commercial operation, anticipated in Q3 2026.
Andrew Liu, President of Cathay Life Insurance, commented: “This transaction extends our collaboration with Ørsted, supporting Taiwan’s renewable energy transition while aligning with our long-term investment objectives.”
The agreement contributes to Ørsted’s divestments, totaling around DKK 33 billion by 2025, nearing the goal of more than DKK 35 billion through its divestment program by 2025 and 2026.
Per Mejnert Kristensen, Senior Vice President and CEO of Region APAC at Ørsted, remarked: “We are pleased to strengthen our partnership with Cathay, underscoring our shared confidence in Taiwan’s offshore wind capabilities. Ørsted remains committed to delivering sustainable offshore wind projects with industry leaders like Cathay.”
Original Story at www.offshorewind.biz