Ørsted has signed an exclusivity agreement with Cathay Life Insurance, selecting the Taiwanese insurance company and its affiliate as preferred bidder for the acquisition of a 50 % ownership stake in total of Ørsted’s 583MW Greater Changhua 4 Offshore Wind Farm in Taiwan.
Ørsted and Cathay Life Insurance have agreed to an exclusivity period lasting until 17 January 2024, during which both parties will finalise negotiations of the transaction documents and confirmatory due diligence. Subject to signing of the transaction, the completion of the divestment will be subject to regulatory approvals from the Taiwanese authorities. In total, Greater Changhua 2b and 4 will have a capacity of 920 MW, and Ørsted took final investment decision (FID) on these projects earlier
this year. The wind farms are under construction and expected to be completed by the end of 2025.