Cathay Life Insurance Co. along with its subsidiary Cathay Wind Power Holdings Co.will purchase a 50% stake in the Greater Changhua 4 Offshore Wind Farm. The project, developed by Ørsted, is located off the coast of Taiwan.
The 583-megawatt wind farm is part of the larger Greater Changhua 2b and 4 project, which has a total capacity of 920 megawatts. Ørsted will retain ownership of the remaining 50% stake.
Completion of the project is expected by the end of next year, according to Ørsted’s statement.
The transaction is valued at 11.6 bn Danish krone ($1.63 bn), covering the 50% stake purchase and the partners’ commitment to fund half of the project’s contractual payments. Payments will be made in 2024 and 2025.
All regulatory approvals have been secured, and the deal is set to close before the end of the year.
This investment underscores our dedication to supporting the government’s renewable energy transition while simultaneously generating stable, long-term returns that align with the investment goals of the insurance sector
Andrew Liu, president of Cathay Life Insurance
Cathay Life has a history of renewable energy investments. In 2016, the insurer announced plans to invest in a new solar energy company, as noted in a statement from its parent firm, Cathay Financial Holding Co.
