Danish offshore wind developer Orsted has agreed to sell a 55% stake in its Greater Changhua 2 offshore wind farm in Taiwan to life insurance company Cathay in a deal worth around 5 billion Danish crowns ($788.74 million), it said on Tuesday.
Orsted, the world's largest offshore wind developer, is trying to restore investor confidence as it faces rising costs from supply chain disruptions and inflation, as well as uncertainty wrought by U.S. President Donald Trump's opposition to renewable energy.
"The transaction marks another significant milestone in Orsted's partnership and divestment programme and further solidifies the company's capital structure," the developer said in a statement.
With the agreement, Orsted has signed divestments with proceeds totalling around 33 billion crowns during 2025, it added.
The Greater Changhua 2 site comprises the Greater Changhua 2a wind project, which is operational, and Greater Changhua 2b, which is currently under construction.
($1 = 6.3392 Danish crowns)
(Reuters)