Orsted has signed an agreement with Taiwan’s Cathay Life Insurance and its affiliate Cathay Power to divest a 55 percent stake in the 632 MW Greater Changhua 2 Offshore Wind Farm, strengthening its capital structure and advancing its partnership and divestment programme.
The Greater Changhua 2 offshore wind project is located around 50 to 60 km off the coast of Changhua County in Taiwan. It comprises two phases: Greater Changhua 2a with a capacity of 295 MW, which is already operational, and Greater Changhua 2b with 337 MW, which is currently under construction.
The wind power project is expected to reach commercial operations in the third quarter of 2026. Orsted will retain responsibility for long-term operations and maintenance services, which will be delivered from its O&M hub at the Port of Taichung.
The transaction values the 55 percent equity stake at around DKK 5 billion, equivalent to TWD 25 billion, and reflects the project’s existing financing structure. The deal is scheduled to close when the wind farm reaches commercial operations in Q3 2026. Earlier, in July 2025, Orsted secured financial close on a project financing package of about DKK 20 billion for the entire Greater Changhua 2 project.
This divestment represents another milestone in Orsted’s strategy to recycle capital through partnerships while maintaining operational control of high-quality offshore wind assets. During 2025, Orsted has signed divestment agreements generating proceeds of roughly DKK 33 billion, bringing the company close to its target of more than DKK 35 billion in proceeds from its partnership and divestment programme across 2025 and 2026.
For Cathay Life Insurance, the investment reinforces its long-term commitment to Taiwan’s renewable energy transition. The acquisition builds on Cathay’s existing collaboration with Orsted, as the two companies already co-own the Greater Changhua 1 and 4 offshore wind projects. The Greater Changhua 2 investment is aligned with the insurance group’s focus on stable, long-term returns while supporting national decarbonization goals.
The deal also underlines continued investor appetite for offshore wind projects with long-term offtake agreements in mature Asian markets. As Taiwan accelerates its offshore wind deployment, partnerships between global developers and domestic institutional investors are playing a central role in scaling renewable capacity, strengthening energy security, and delivering sustainable economic value.
FAHEEMA P