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Ørsted sells 50% of Greater Changhua 4 Offshore Wind Farm to Cathay Life Insurance

Ørsted announces an agreement with Cathay Life Insurance to sell 50% of the Greater Changhua 4 Offshore Wind Farm under construction in Taiwan, marking a key step in their strategic energy partnership.

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The Danish company Ørsted has finalized an agreement with Cathay Life Insurance, Taiwan’s leading insurance provider, for the sale of a 50% stake in the Greater Changhua 4 Offshore Wind Farm, with a capacity of 583 MW. This operation represents a strategic move in the development of energy projects in Taiwan. Ørsted will retain the remaining 50% and will continue to oversee the project’s construction and operations.

Greater Changhua 4 is part of the Greater Changhua 2b and 4 projects, with a combined total capacity of 920 MW. Currently under construction, these farms are expected to be completed by the end of 2025. Ørsted will manage the project under an engineering, procurement, and construction (EPC) contract while also providing long-term operations and maintenance (O&M) services from its hub located at the Port of Taichung.

A strategic transaction

The total value of the transaction, which includes Cathay Life’s participation in EPC payments, amounts to approximately DKK 11.6 billion. The sum will be distributed across 2024 and 2025, with all regulatory approvals already obtained. The transaction is expected to close before the end of the year.

According to Rasmus Errboe, Deputy CEO and Chief Commercial Officer at Ørsted, this partnership represents an important milestone in the company’s divestment program and contributes to its medium- and long-term financial goals.

A structured and supported financing

The financing structure relies on guarantees provided by six international and local export credit agencies, including Credendo, Export Finance Australia (EFA), and UK Export Finance (UKEF). Notably, the National Credit Guarantee Administration (NCGA), a Taiwanese public organization, is participating in offshore wind financing for the first time.

Andrew Liu, President of Cathay Life Insurance, stated that this investment aligns with the insurance sector’s long-term return objectives while supporting Taiwan’s economic growth.

Commercial and energy context

The Greater Changhua 4 project benefits from a 20-year fixed-price corporate power purchase agreement (PPA) with Taiwan Semiconductor Manufacturing Company (TSMC), a key player in the semiconductor industry. This collaboration ensures economic stability for the development of the Greater Changhua 2b and 4 projects.

The Greater Changhua 4 Wind Farm is located near the already operational Greater Changhua 1 and 2a projects, which have a combined capacity of 900 MW. The entire Greater Changhua cluster has a combined installed capacity of 1.82 GW, strengthening Taiwan’s role as a strategic hub for renewable energy development in the Asia-Pacific region.

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