CDPQ and Cathay invest in 605 MW Greater Changhua 1 offshore wind farm

Ørsted has signed agreements with a consortium comprising global institutional investor Caisse de dépôt et placement du Québec (CDPQ), and Taiwanese private equity fund Cathay PE, who will be acquiring a total of 50 % ownership share of Ørsted’s 605 MW Greater Changhua 1 Offshore Wind Farm. CDPQ will be the majority owner among the two new partners.

The Greater Changhua 1 site is part of the 900 MW Greater Changhua 1 & 2a Offshore Wind Farm, which Ørsted is currently constructing and expects to finalize in 2022.

As part of the agreement, Ørsted will construct the Greater Changhua 1 Offshore Wind Farm under a full-scope EPC contract. Ørsted will also provide long-term operations and maintenance (O&M) services from its O&M base at the Port of Taichung.

The total sales price for the Greater Changhua 1 Offshore Wind Farm comprises the acquisition of a 50 % ownership share and the commitment from the partners to fund 50 % of the payments under the EPC contract for the wind farm which includes both the generation and transmission assets. The total value of the transaction is approximately TWD75 billion (US$2676 billion) which is to be paid during 2021 and 2022.

The divestment is subject to regulatory approval from the Taiwanese authorities.