Ørsted has signed an agreement with Cathay Life Insurance 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 retain the remaining 50% ownership stake.
The total sales price includes the acquisition of a 50% ownership share and a commitment from both parties to fund 50% of the payments under the engineering, procurement, and construction (EPC) contract for the wind farm. The total value of the transaction is approximately DKK 11.6 billion, to be paid in 2024 and 2025. All regulatory approvals have been obtained, and the transaction is expected to close 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. Ørsted will also provide long-term operations and maintenance (O&M) services from its O&M hub at the Port of Taichung. The Greater Changhua 4 site is part of the 920 MW Greater Changhua 2b and 4 offshore wind farms, which Ørsted expects to complete by the end of 2025.
Cathay Life Insurance is a subsidiary of Cathay Financial Holdings, which is also an investor in Ørsted’s Greater Changhua 1 Offshore Wind Farm through its Cathay Private Equity affiliate.
