Orsted Strikes Major Deal with Cathay Life

Danish energy giant Orsted announced on Wednesday that it has agreed to sell a 50% stake in its Greater Changhua 4 offshore wind farm to Taiwan's Cathay Life Insurance for approximately 11.6 billion Danish crowns ($1.64 billion). This strategic move marks a significant development in the offshore wind energy sector and underscores the growing interest in renewable energy investments.

The Greater Changhua 4 site, which is part of Orsted's 920 megawatt (MW) offshore wind farms, Greater Changhua 2b and 4, is currently under construction and is expected to be completed by the end of 2025. This ambitious project aims to significantly contribute to Taiwan's renewable energy goals and reduce its reliance on fossil fuels.

Orsted will retain the remaining 50% ownership stake in the wind farm, ensuring continued involvement and oversight in the project. The transaction amount will be paid in two installments, in 2024 and 2025, respectively.