The Ørsted Greater Changhua 2 Offshore Wind Farm has secured a 55% ownership stake investment from Cathay Life Insurance, Taiwan’s largest insurer, highlighting the country’s expanding offshore wind sector. Located approximately 50–60 km off the coast of Changhua County, the project includes the operational Greater Changhua 2a and the under-construction Greater Changhua 2b, with full commercial operation expected in 2026. This partnership represents a significant step in Taiwan’s clean energy transition and the growing role of institutional investors in offshore wind development.
Overview of the Ørsted Greater Changhua 2 Offshore Wind Farm
The Greater Changhua 2 Offshore Wind Farm has a combined capacity of 632 MW, making it one of Taiwan’s key offshore wind projects. Ørsted will continue to provide long-term operations and maintenance (O&M) from its hub at the Port of Taichung, ensuring project reliability.
The project consists of:
- Greater Changhua 2a – 295 MW, already operational
- Greater Changhua 2b – 337 MW, under construction, commissioning expected in Q3 2026. According to Ørsted’s press release, the 2b phase is scheduled to be commissioned in Q3 2026.
In July 2025, Ørsted finalized a DKK 20 billion project financing package, and the sale of a 55% equity stake to Cathay is valued at approximately DKK 11 billion (TWD 55 billion). This highlights both the financial viability and investor confidence in Taiwan’s offshore wind sector.
Ørsted Cathay Life Partnership in Taiwan Offshore Wind
The Ørsted Cathay Life partnership builds on previous collaborations, including Greater Changhua 1 and 4. By selling a 55% stake, Ørsted strengthens its capital structure while providing Cathay Life with a stable, long-term infrastructure-backed investment.
Trond Westlie, Ørsted CFO, commented:
“The transaction underlines the strong appetite from leading investors for high-quality assets with long-term offtake agreements. Combined with project financing, this deal strengthens our capital structure and contributes significantly to our partnership and divestment program.”
Andrew Liu, President of Cathay Life Insurance, said:
“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.”
Strategic Timing: Why the Transaction Closes in 2026
The deal will close when the project reaches commercial operations in Q3 2026, which is critical because:
- Construction risk is reduced
- Revenue streams are secured
- Financing conditions improve
- Investor confidence increases
This structure benefits both parties:
- Ørsted avoids early-stage risk exposure
- Cathay enters a stabilized asset phase
Impacts on Taiwan Offshore Wind Investment
The Greater Changhua offshore wind project demonstrates how Taiwan is increasingly attracting institutional investors to its renewable energy sector. By partnering with international developers like Ørsted, local investors can participate in high-quality offshore wind projects while reducing project risk.
Shared ownership models like this accelerate the construction of Taiwan’s offshore wind projects, provide financial flexibility to developers, and support the country’s goal to increase renewable energy capacity in the coming years.
Future Outlook for Offshore Wind Investment in Taiwan
As Taiwan scales up its offshore wind sector, offshore wind investment in Taiwan is expected to grow. Partnerships between global developers and local financial institutions, such as Ørsted and Cathay Life, create a model for financing and operating future projects efficiently.
Per Mejnert Kristensen, Ørsted SVP and CEO of Region APAC, stated:
“We’re pleased to deepen our long-standing partnership with Cathay as we advance Taiwan’s offshore wind build-out. This investment reflects shared confidence in Taiwan’s offshore wind fundamentals and creates lasting value for investors and the local energy market.”
What This Means for Taiwan’s Offshore Wind Market
The Ørsted Greater Changhua 2 Offshore Wind Farm transaction highlights the value of strategic partnerships in Taiwan’s offshore wind sector. Ørsted retains operational control while freeing capital for future developments, and Cathay Life secures a resilient investment in a growing market. As this Taiwan offshore wind project progresses toward full commercial operation in 2026, it illustrates how collaborative ownership models are shaping the future of offshore wind investment in Taiwan.
Sources:
- Ørsted Press Release: Greater Changhua 2 Offshore Wind Farm
- Cathay Life Insurance News Release
Ismot Jerin is the founder and Editor-in-Chief of WindNewsToday, an independent publication covering offshore wind, renewable energy policy, and clean power markets with an analytical focus on the United States and global energy transition.