Ørsted Moves Closer to 50% Stake Divestment in Taiwanese Offshore Wind Farm Project

Credit: Ørsted
Credit: Ørsted

Denmark-based global offshore wind developer Ørsted is set to divest a 50% stake in its offshore wind farm project in Taiwan and has signed an exclusivity agreement with a Taiwanese insurance company and its affiliate, following a competitive divestment process.

Ørsted said Tuesday it had signed an exclusivity agreement with Cathay Life Insurance, and its affiliate as preferred bidders for the acquisition of a 50% ownership stake in total of Ørsted’s 583 MW Greater Changhua 4 Offshore Wind Farm in Taiwan.

Ørsted and Cathay Life Insurance have agreed to an exclusivity period lasting until January 17, 2024, during which both parties will finalize negotiations of the transaction documents and confirmatory due diligence.

Under the Taiwan Stock Exchange disclosure rules, Cathay Life Insurance is required to make a public announcement upon being selected as the preferred bidder.

Subject to the 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 the 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.

Current News

Equinor Granted Permission for Two Extensions in Britain

Equinor Granted Permission for

Balmoral Comtec Expands Workforce Following Rosebank Win

Balmoral Comtec Expands Workfo

ONGC Hires Consortium to Deliver FEED Work for Bay of Bengal Oil Field

ONGC Hires Consortium to Deliv

Sea Machines Launches Its First Turnkey USV

Sea Machines Launches Its Firs

Subscribe for OE Digital E‑News

Offshore Engineer Magazine