Energy firm Ørsted has sold a 55 % stake in its Greater Changhua2 Offshore Wind Farm in Taiwan to Cathay Life Insurance and its affiliate Cathay Power, for DKK 5bn (€669.4bn).
In July 2025, Ørsted secured around DKK 20bn in project financing to fully fund the offshore wind project.
Ørsted said the value of the stake being sold takes into consideration the existing project financing arrangements.
The Greater Changhua 2 site includes the 295MW operational Greater Changhua wind farm and the 337MW Greater Changhua 2b project. Currently under construction by Ørsted, the 2b expansion is expected to be commissioned in the third quarter of 2026.
The latest deal is in line with Ørsted’s plan to manage its capital structure through its partnership and divestment programme. To date in 2025, Ørsted has secured roughly DKK33bn in divestments, approaching its two-year target of DKK35bn.
The latest deal also follows the prior sale of a 50% interest in the 583MW Greater Changhua 4 project to Cathay Life Insurance for DKK 23.2bn.
Trond Westlie, CFO 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.”
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.”
Per Mejnert Kristensen, SVP and CEO of APAC at Ørsted, said: ”We’re pleased to deepen our long-standing partnership with Cathay as we advance Taiwan’s offshore wind build-out, with this investment reflecting our shared confidence in Taiwan’s offshore wind fundamentals.
“As Taiwan scales up renewable energy, Ørsted will continue to partner with industry leaders like Cathay to deliver competitive, resilient, and sustainable offshore wind projects that create lasting value.”
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