Taiwan's Cathay Life Insurance and its affiliate, Cathay Wind Power Holdings Co., Ltd, have agreed to acquire a 50 percent ownership share of Ørsted’s 583-megawatt Greater Changhua 4 Offshore Wind Farm.
Ørsted said the total sales price for the Greater Changhua 4 Offshore Wind Farm consists of the acquisition of a 50 percent ownership share and the commitment from the partners to fund 50 percent of the payments under the EPC contract for the wind farm. The total value of the transaction is approximately DKK 11.6 billion ($ billion), which is to be paid in 2024 and 2025.
All regulatory approvals have been obtained, and the closing of the transaction is expected before the end of the year. Ørsted will continue to own the remaining 50 percent ownership stake in the wind farm.
“It’s a pleasure to welcome Cathay Life as a strong local partner for Greater Changhua 4,” said Per Mejnert Kristensen, senior vice president and CEO of the Asia Pacific region at
