Breaking News: Ørsted Teams Up with Cathay Life Insurance for Taiwan's Offshore Wind Farm!
This is a significant move in the world of renewable energy! Ørsted, a global leader in offshore wind, has just finalized a deal with Cathay Life Insurance, a prominent Taiwanese life insurance company, and its affiliate Cathay Power. This agreement involves Cathay acquiring a 55% stake in Ørsted's Greater Changhua 2 Offshore Wind Farm, a project located off the coast of Changhua County, Taiwan.
But what does this mean in simple terms? Let's break it down:
- The Project: The Greater Changhua 2 site is composed of two parts: Greater Changhua 2a, which is already operational with a capacity of 295 MW, and Greater Changhua 2b, currently under construction, expected to be commissioned in Q3 2026 with 337 MW.
- The Deal: Cathay is investing in this project, taking a majority ownership stake. Ørsted will continue to manage the farm's operations and maintenance from its hub at the Port of Taichung.
- The Numbers: The transaction is valued at approximately DKK 5 billion (around TWD 25 billion). The deal's closing is scheduled to coincide with the project's commercial operations, anticipated in Q3 2026. Notably, Ørsted secured a project financing package of about DKK 20 billion in July 2025.
This partnership is a major step for Ørsted's strategy and capital structure. It also contributes significantly to their goal of securing over DKK 35 billion through partnerships and divestments in 2025 and 2026. This highlights the strong investor interest in high-quality renewable energy projects.
Trond Westlie, Ørsted's Chief Financial Officer, expressed his satisfaction, emphasizing the positive collaboration with Cathay, with whom they already co-own Greater Changhua 1 and 4. He also highlighted the transaction's contribution to strengthening their capital structure.
Andrew Liu, President of Cathay Life Insurance, underscored their continued support for Taiwan's renewable energy transition, emphasizing the generation of stable, long-term returns.
Per Mejnert Kristensen, Senior Vice President and CEO of Region APAC at Ørsted, highlighted the deepening of their partnership with Cathay and their shared confidence in Taiwan's offshore wind market.
Controversy Alert: Some might argue about the financial implications of such large-scale investments or the long-term impact on energy prices. What are your thoughts? Do you believe this partnership will accelerate Taiwan's renewable energy goals? Share your opinions in the comments below!
For further information, please contact:
- Global Media Relations: Frederik Høj Ruhne, + 45 99 55 95 52, Globalmedia@orsted.com
- Investor Relations: Valdemar Hoegh Andersen, +45 99 55 56 71, ir@orsted.com
About Ørsted
Ørsted is a global leader in developing, constructing, and operating offshore wind farms. With over 30 years of experience, they have 10.2 GW of installed offshore capacity and 8.1 GW under construction. Their total renewable energy capacity exceeds 18 GW, including onshore wind, solar power, energy storage, bioenergy plants, and energy trading. Headquartered in Denmark, Ørsted employs approximately 8,000 people. In 2024, the group's operating profit excluding new partnerships and cancellation fees was DKK 24.8 billion (EUR 3.3 billion).
