Ørsted has signed an agreement for Cathay Life Insurance and Cathay Power to acquire a 55% stake in the 632MW Greater Changhua 2 offshore wind farm (pictured) in Taiwan.
Ørsted said the project comprises the operational 295MW Greater Changhua 2a site and the 337MW Greater Changhua 2b site, which is under construction and due to be commissioned in Q3 2026.
It added that the transaction is valued at about €670m (DKK5 billion) for the equity stake and will close when the project reaches commercial operations in Q3 2026.
In July 2025, Ørsted reached financial close on a project financing package of approx. DKK20 billion for the full development.
“Having been through a competitive process with multiple parties, we’re pleased to once again partner with Cathay, with whom we already successfully co-own Greater Changhua 1 and 4,” said Trond Westlie, chief financial officer of Ørsted.
Westlie stated that the deal highlights strong investor appetite for assets with long-term offtake agreements and further strengthens the company’s capital structure.
“This transaction marks Cathay Life’s continued collaboration with Ørsted through an investment in the Greater Changhua 2 Offshore Wind Farm,” said Andrew Liu, president of Cathay Life Insurance.
Liu added that the investment supports Taiwan’s renewable energy transition while generating stable, long-term returns.
“We’re pleased to deepen our long-standing partnership with Cathay as we advance Taiwan’s offshore wind build-out,” said Per Mejnert Kristensen, senior vice president and chief executive of region apac at Ørsted.
Kristensen noted that the investment reflects shared confidence in Taiwan’s offshore wind fundamentals.