Wind Energy – Taiwan
Ørsted has signed an agreement with Cathay Life Insurance, the leading insurance company in Taiwan, and its affiliate Cathay Wind Power Holdings, under which Cathay Life Insurance will acquire a 50 % ownership share of Ørsted’s 583 MW Greater Changhua 4 Offshore Wind Farm.
Ørsted will continue to own the remaining 50 % ownership stake in the wind farm.
The Greater Changhua 4 site is part of our 920 MW offshore wind farms Greater Changhua 2b and 4, which Ørsted are currently constructing and expect to finalise 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 partners’ commitment to fund 50 % of the payments under the EPC contract for the wind farm. The total value of the transaction is approximately DKK 11.6 billion, which will be paid in 2024 and 2025. All regulatory approvals have been obtained, and the transaction’s closing is expected before the end of the year.
Ørsted will construct the Greater Changhua 4 Offshore Wind Farm under a full-scope EPC contract as part of the agreement. Ørsted will also provide long-term operations and maintenance (O&M) services from its O&M hub at the Port of Taichung.
