Ørsted has struck a significant deal with Cathay Life Insurance and Cathay Power, selling a 55% stake in the 632MW Greater Changhua 2 offshore wind farm in Taiwan. The transaction, valued at approximately €670 million (DKK5 billion), is set to close when the project reaches commercial operations in the third quarter of 2026. The Greater Changhua 2 project comprises two sites: the operational 295MW Greater Changhua 2a and the under-construction 337MW Greater Changhua 2b, which is scheduled for commissioning in Q3 2026.
This deal follows Ørsted’s successful financial close in July 2025 on a project financing package of approximately DKK20 billion for the full development of Greater Changhua 2. The transaction underscores the strong investor appetite for assets with long-term offtake agreements, a point emphasized by Trond Westlie, Ørsted’s chief financial officer. “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,” Westlie stated. He added that the deal further strengthens Ørsted’s capital structure.
For Cathay Life Insurance, this investment marks another step in their collaboration with Ørsted. Andrew Liu, president of Cathay Life Insurance, highlighted the dual benefits of the investment: supporting Taiwan’s renewable energy transition while generating stable, long-term returns. “This transaction marks Cathay Life’s continued collaboration with Ørsted through an investment in the Greater Changhua 2 Offshore Wind Farm,” Liu said.
Per Mejnert Kristensen, senior vice president and chief executive of region APAC at Ørsted, echoed the sentiment, noting the deepening partnership with Cathay. “We’re pleased to deepen our long-standing partnership with Cathay as we advance Taiwan’s offshore wind build-out,” Kristensen said. He also emphasized the shared confidence in Taiwan’s offshore wind fundamentals, a sentiment that could potentially attract more investors to the sector.
The deal is a testament to the growing maturity of Taiwan’s offshore wind market and the increasing interest from institutional investors in renewable energy assets. As Taiwan continues to push for a renewable energy transition, such partnerships and investments are likely to play a crucial role in shaping the sector’s development. The transaction also sets a precedent for future deals, highlighting the importance of long-term offtake agreements in securing investor confidence.