CPDQ and Cathay PE acquire 50% stake in 605 MW offshore wind farm in Taiwan

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 in Taiwan. 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 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 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 TWD 75 billion (approx. USD 2.676 billion) which is to be paid during 2021 and 2022.

The investors’ 50 % stake in Greater Changhua 1 will be funded through a combination of equity and senior long-term debt facilities from 15 international and Taiwanese banks and 2 Taiwanese life insurance companies as well as 5 export credit agencies providing lending and guarantees.