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.
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.”