Danish group Ørsted has entered into an agreement with Cathay Life Insurance and its affiliate Cathay Power to sell a 55% stake in the Greater Changhua 2 offshore wind farm in Taiwan. The transaction, valued at approximately DKK5bn ($735mn), involves a total capacity of 632 megawatts across two sites located 50–60 kilometres off the coast of Changhua County.
The project includes Greater Changhua 2a (295 MW), already operational, and Greater Changhua 2b (337 MW), currently under construction. The latter is expected to reach commercial operations in the third quarter of 2026. Under the agreement, Ørsted will retain responsibility for long-term operations and maintenance from its hub at the Port of Taichung.
Structured financing supports the transaction
The transaction builds on a project financing package secured in July 2025, when Ørsted closed financing of DKK20bn ($2.94bn) for the entire wind farm. The transfer of ownership to Cathay will take place upon commercial operation of the project, scheduled for the third quarter of 2026.
This strategic partnership with Cathay aligns with Ørsted’s broader divestment and partnership programme, aimed at reinforcing its capital structure. In 2025, Ørsted completed divestments totalling DKK33bn ($4.85bn), moving closer to its DKK35bn ($5.15bn) target by the end of 2026.
Strengthened cooperation with a local player
This deal marks a further step in Ørsted’s collaboration with Cathay, already a co-owner of the Greater Changhua 1 and 4 projects. According to Ørsted Chief Financial Officer Trond Westlie, the transaction “demonstrates strong appetite from leading investors for high-quality assets with long-term offtake agreements”.
Andrew Liu, President of Cathay Life Insurance, stated that the investment deepens the insurer’s commitment to Taiwan’s energy sector while meeting the insurance industry’s requirements for stable long-term returns. Ørsted continues its regional partnership strategy in developing offshore wind projects.
