What happens when global capital, long term contracts, and offshore wind expertise converge Taiwan’s offshore wind market is offering that answer, and Orsted’s latest transaction highlights how mature projects are attracting strategic investors while maintaining operational strength.

On December 23, 2025, Orsted announced an agreement to sell a 55 percent stake in the Greater Changhua 2 offshore wind farm to Cathay Life Insurance. The transaction values the stake at approximately $785.76 million, or DKK 5 billion, and reflects existing project financing arrangements already in place. Importantly, Orsted will retain a minority ownership position, ensuring long term alignment with the asset. Under the agreement, Orsted will also continue to provide operations and maintenance services from its O&M hub at the Port of Taichung, preserving performance standards and operational continuity. This structure demonstrates how offshore wind developers can recycle capital while maintaining long term involvement.

The 632 MW Greater Changhua 2 offshore wind farm is located around 50 to 60 kilometers off the coast of Changhua County, Taiwan, and is one of the country’s most significant offshore wind developments. The project is split into two phases. Greater Changhua 2a, with 295 MW of capacity, reached commercial operation in April 2024. Greater Changhua 2b adds a further 337 MW and is currently under construction, with commercial operations expected in the third quarter of 2026. In July 2025, Orsted achieved financial close on an asset level project finance package worth approximately $3.1 billion, underlining lender confidence in the project’s long term fundamentals.

Revenue stability is a defining feature of Greater Changhua 2. Orsted has secured a 20 year fixed price corporate power purchase agreement with TSMC covering 100 percent of the output from Greater Changhua 2b. Pricing is supported by a 20 year revenue framework that includes Taiwan renewable energy certificates and sits above the offshore wind feed in tariff awarded in the 2018 auction. For Greater Changhua 2a, Orsted can elect between a flat 20 year tariff or a tiered structure that offers higher pricing in the first decade. This diversified revenue setup provides predictable cash flows and reduces market risk, making the asset highly attractive to long term institutional investors.

In conclusion, Orsted’s partial divestment of Greater Changhua 2 demonstrates the growing maturity of Taiwan’s offshore wind sector and the strength of projects backed by long term CPPAs and tariff frameworks.

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