Ørsted has signed an agreement for Cathay Life Insurance and Cathay Power to acquire a 55% stake in the 632-megawatt Greater Changhua 2 offshore wind farm in Taiwan, the Danish renewable energy group said.
The project includes the 295-MW Greater Changhua 2a wind farm, which is already operational, and the 337-MW Greater Changhua 2b site, currently under construction and scheduled to be commissioned in the third quarter of 2026, Ørsted said.
The transaction values the 55% equity stake at about 670 million euros ($730 million), or around 5 billion Danish crowns, and is expected to close once the project reaches commercial operations in 2026.
In July 2025, Ørsted secured financial close on a project financing package of approximately 20 billion Danish crowns for the full development of Greater Changhua 2.
“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,” Ørsted chief financial officer Trond Westlie said.
Westlie said the agreement reflects continued investor demand for renewable energy assets backed by long-term offtake arrangements and supports Ørsted’s capital structure.
Andrew Liu, president of Cathay Life Insurance, said the investment builds on the group’s existing cooperation with Ørsted. “This transaction marks Cathay Life’s continued collaboration with Ørsted through an investment in the Greater Changhua 2 Offshore Wind Farm,” he said, adding that the project aligns with Taiwan’s renewable energy goals while offering long-term returns.
Ørsted’s regional chief executive for Asia-Pacific, Per Mejnert Kristensen, said the deal underscores confidence in Taiwan’s offshore wind market. “We’re pleased to deepen our long-standing partnership with Cathay as we advance Taiwan’s offshore wind build-out,” he said.
