Ørsted has signed an agreement with Taiwan-based Cathay Life Insurance and its affiliate Cathay Wind Power Holdings for the sale of 50% stake in 583 MW Greater Changhua 4 offshore wind farm in Taiwan for $1.63 billion.
Ørsted will continue to own the remaining 50 % ownership stake in the wind farm.
The Greater Changhua 4 site is part of the 920 MW offshore wind farms Greater Changhua 2b and 4, which Ørsted is currently constructing and expects to finalize by the end of 2025.
The total sales price for the Greater Changhua 4 Offshore Wind Farm comprises the acquisition of a 50% ownership share and the commitment from the partners to fund 50% of the payments under the EPC contract for the wind farm.
All regulatory approvals have been obtained, and the closing of the transaction is expected before the end of the year.
As part of the agreement, Ørsted will construct the Greater Changhua 4 Offshore Wind Farm under a full-scope EPC contract. The company will also provide long-term operations and maintenance (O&M) services from its O&M hub at the Port of Taichung.
Cathay Life Insurance is a subsidiary of Cathay Financial Holdings, who is also an investor in Ørsted’s Greater Changhua 1 Offshore Wind Farm, through its Cathay Private Equity affiliate.
“We’re pleased to apply our partnership model in Asia Pacific once again and advance the development of offshore wind in the region with Cathay, with whom we have great collaboration experience. We’re satisfied with the transaction as it represents another important milestone in our partnership and divestment program and ensures further progress towards our mid- and long-term targets,” said Rasmus Errboe, Deputy CEO and Chief Commercial Officer at Ørsted.
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