Ørsted, Cathay Life Ink Deal for 583 MW Greater Changhua 4 Offshore Wind Farm

Business & Finance

October 16, 2023, by Adnan Memija

Ørsted has selected Cathay Life Insurance as the preferred bidder for a 50 per cent ownership share in the 583 MW Greater Changhua 4 offshore wind farm in Taiwan.

Following a competitive divestment process, Ørsted signed an exclusivity agreement with Cathay Life Insurance, selecting the Taiwanese insurance company and its affiliate as preferred bidder for the acquisition of a 50 per cent ownership stake in a total of Ørsted’s Greater Changhua 4.

Greater Changhua offshore wind farms consist of four wind farm development projects in the Changhua region in Taiwan whose total installed capacity is expected to be 2.4 GW.

Ørsted secured 920 MW of grid capacity for the Greater Changhua 2b & 4 offshore wind farms in 2018 in Taiwan’s first competitive price-based auction with no mandatory local content requirements.

In March, the company made the final investment decision on the offshore wind farms and said that the onshore work and fabrication of components will start this year.

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A corporate power purchase agreement was signed with Taiwan Semiconductor Manufacturing Company (TSMC) in July 2020.

Greater Changhua 2b and 4 will comprise around 65 wind turbines with an individual output of 14 MW installed some 35-60 kilometers off the Changhua coast.

The offshore wind farms are expected to be completed by the end of 2025.