Danish offshore wind developer Ørsted has agreed to sell a 50% stake in its Greater Changhua 4 offshore wind farm to Taiwan’s Cathay Life Insurance for DKK 11.6bn ($1.64bn). The deal has been in the works for over a year since Ørsted selected Cathay Life Insurance as the preferred bidder for half of its stake in the 583 MW offshore wind farm back in October 2023 following a competitive divestment process. Orsted will retain the remaining 50% ownership stake in the wind farm while the transaction amount will be paid in 2024 and 2025. Greater Changhua offshore wind farms consist of four wind farm development projects in the Changhua region in Taiwan whose total installed capacity is expected to be 2.4 GW. The Greater Changhua 4 site is part of the company’s 920MW offshore wind farms Greater Changhua 2b and 4. Ørsted secured the grid capacity for the Greater Changhua 2b & 4 offshore wind farms in 2018. The wind farms are under construction and are expected to be completed by the end of 2025. In April this year, the Danish developer inaugurated the Greater Changhua 1 and 2a offshore wind projects which have a total installed capacity of 900MW, the largest in Taiwan and the APAC region. The project is in operation and fully connected to the grid. googletag.cmd.push(function() { googletag.display('div-gpt-ad-1_95_0_1_2'); }); TagsDenmark Offshore Wind Taiwan