Danish renewable energy group Ørsted has agreed to sell a 55% equity stake in its 632-megawatt Greater Changhua 2 Offshore Wind Farm in Taiwan to Cathay Life Insurance and its affiliate Cathay Power, marking a major institutional investment into one of Taiwan’s largest operating offshore wind assets.

The transaction values the 55% stake at approximately 5 billion kroner ( US$730 million ), taking into account the project’s existing financing arrangements. Completion is expected to coincide with the wind farm reaching full commercial operations in the third quarter of 2026.

Greater Changhua 2 is located around 50-60 kilometres off the coast of Changhua County and consists of two phases: Greater Changhua 2a, a 295MW section that is already operational, and the 337MW Greater Changhua 2b, currently under construction. Commissioning of the second phase is expected in Q3 2026.

Ørsted reached financial close on the project in July 2025, securing a project financing package of approximately 20 billion kroner for the full development. Under the new ownership structure, Ørsted will continue to provide long-term operations and maintenance services from its offshore wind hub at the Port of Taichung.

"This transaction marks Cathay Life’s continued collaboration with Ørsted through an investment in the Greater Changhua 2 Offshore Wind Farm,” says Cathay Life president Andrew Liu. “This investment reflects our continued support for Taiwan’s renewable energy transition while generating stable, long-term returns aligned with the investment objectives of the insurance sector.”

Trond Westlie, Ørsted’s chief financial officer, adds: “The transaction underlines the strong appetite from leading investors for high-quality assets with long-term offtake agreements, and combined with Changhua 2’s project financing package, the transaction marks a further strengthening of our capital structure and is a sizable contribution to our partnership and divestment programme.”

The divestment forms part of Ørsted’s broader capital recycling strategy. With this agreement, the company has signed divestments totalling roughly 33 billion kroner during 2025, bringing it close to its stated target of securing more than 35 billion kroner in proceeds through its partnership and divestment programme across 2025 and 2026.

The deal also reinforces Taiwan’s position as a key offshore wind market in Asia, with growing participation from domestic long-term capital providers such as insurers and pension-linked investors.