Ørsted Sells Majority Stake in Taiwanese Offshore Wind Farm to Cathay

Ørsted has signed an agreement with Cathay Life Insurance, and its affiliate Cathay Power, under which Cathay will acquire a 55 per cent ownership stake of Ørsted’s 632 MW Greater Changhua 2 offshore wind farm.

Located approximately 50–60 kilometres off the coast of Changhua County, the Greater Changhua 2 site comprises the 295 MW Greater Changhua 2a, which is operational, and the 337 MW Greater Changhua 2b, which Ørsted is currently constructing, with commissioning expected in the third quarter of 2026.

Under the agreement, Ørsted will provide long-term operations and maintenance (O&M) services from its O&M hub at the Port of Taichung.

The total value of the transaction for the 55 per cent equity stake is approximately DKK 5 billion (approximately TWD 25 billion or EUR 669.4 million) and takes into consideration the existing project financing arrangements.

In July 2025, Ørsted reached financial close on a project financing package of around DKK 20 billion for the entire project.

Cathay and Ørsted have previously partnered on the Greater Changhua 1 and the Greater Changhua 4 projects.

Trond Westlie, Chief Financial Officer of Ørsted, said: ”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. The transaction underlines the strong appetite from leading investors for high-quality assets with long-term offtake agreements, and combined with Changhua 2’s project financing package, the transaction marks a further strengthening of our capital structure and is a sizable contribution to our partnership and divestment programme.”

The closing of the transaction is planned to occur simultaneously with the project reaching commercial operations, which is expected in the third quarter of 2026.

Andrew Liu, President of Cathay Life Insurance, said: ”This transaction marks Cathay Life’s continued collaboration with Ørsted through an investment in the Greater Changhua 2 Offshore Wind Farm. This investment reflects our continued support for Taiwan’s renewable energy transition while generating stable, long-term returns aligned with the investment objectives of the insurance sector.”

With this agreement, Ørsted has signed divestments with proceeds totalling around DKK 33 billion during 2025, bringing the company close to achieving its target of securing proceeds of more than DKK 35 billion through its partnership and divestment programme in 2025 and 2026.

Per Mejnert Kristensen, Senior Vice President and CEO of Region APAC at Ørsted, said: ”We’re pleased to deepen our long-standing partnership with Cathay as we advance Taiwan’s offshore wind build-out, with this investment reflecting our shared confidence in Taiwan’s offshore wind fundamentals. As Taiwan scales up renewable energy, Ørsted will continue to partner with industry leaders like Cathay to deliver competitive, resilient, and sustainable offshore wind projects that create lasting value.”