Cathay Life Insurance has agreed to acquire a 50% stake in Ørsted’s 583-MW Greater Changhua 4 wind farm development offshore Taiwan for about DKK11.6 billion (US$1.6 billion).

Ørsted will retain the remaining 50% interest. The deal includes a commitment to fund 50% of the payments for the company’s EPC contract for the development.

All regulatory approvals have come through, with the transaction set to close before year-end 2024.

Both Greater Changhua 2b and 4 (920 MW each) are under construction and due to be completed by the end of 2025.

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

Ørsted first entered an exclusivity agreement with Taiwan’s Cathay Life Insurance, and a subsidiary, to be preferred bidder for a 50% stake in the Greater Changhua 4 wind farm in 2023.