Danish renewable energy company Ørsted has signed an agreement with Cathay Life Insurance, Taiwan's leading life insurance company, and its affiliate, Cathay Power, to acquire a 55% ownership stake in the Greater Changhua 2 Offshore Wind Farm. The transaction is valued at approximately DKK 5 billion (TWD 25 billion) and represents a significant milestone in Ørsted's partnership and divestment strategy.

Project Details and Timeline

The Greater Changhua 2 Offshore Wind Farm is a 632 MW project located approximately 50–60 kilometers off the coast of Changhua County in Taiwan. The facility comprises two components: Greater Changhua 2a, with a 295 MW capacity, currently operational, and Greater Changhua 2b, with a 337 MW capacity, which Ørsted is currently constructing. Commissioning of the Greater Changhua 2b component is expected in the third quarter of 2026.

The closing of the transaction is planned to occur simultaneously with the project reaching commercial operations, which is anticipated in Q3 2026. Under the agreement, Ørsted will provide long-term operations and maintenance services from its operations and maintenance hub at the Port of Taichung.

Financial Structure and Financing

The total transaction value takes into consideration existing project financing arrangements. In July 2025, Ørsted reached financial close on a project financing package of approximately DKK 20 billion for the entire Greater Changhua 2 project. This transaction contributes to Ørsted's broader economic strategy, as the company has signed divestments with proceeds totaling around DKK 33 billion during 2025.

This achievement brings Ørsted close to its target of securing proceeds of more than DKK 35 billion through its partnership and divestment programme in 2025 and 2026.

Strategic Partnership and Market Position

The agreement continues the existing partnership between Ørsted and Cathay, as the companies already co-own the Greater Changhua 1 and 4 offshore wind farms. According to Trond Westlie, Chief Financial Officer of Ørsted, the transaction followed a competitive process involving multiple parties and demonstrates strong investor appetite for high-quality assets with long-term offtake agreements.

Andrew Liu, President of Cathay Life Insurance, described the transaction as reflecting continued collaboration with Ørsted and support for Taiwan's renewable energy transition, while generating stable, long-term returns aligned with insurance-sector investment objectives. Per Mejnert Kristensen, Senior Vice President and CEO of Region APAC at Ørsted, emphasized the partnership's role in advancing Taiwan's offshore wind development and creating lasting value through competitive, resilient, and sustainable offshore wind projects.

Company Background and Operations

Ørsted operates as a global leader in developing, constructing, and operating offshore wind farms, with a primary focus on Europe. The company brings more than 30 years of experience in offshore wind development and currently has 10.2 GW of installed offshore capacity with an additional 8.1 GW under construction. The company's total installed renewable energy capacity spans Europe, Asia Pacific, and North America, exceeding 18 GW across a portfolio that includes offshore wind, onshore wind, solar power, energy storage, bioenergy plants, and energy trading.

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