Orsted sells 50% stake in Taiwan wind farm for $1.64 billion
FILE PHOTO: Electric power transmission pylon miniatures and Orsted logo are seen in this illustration taken, December 9, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
COPENHAGEN :Denmark's Orsted said on Wednesday it has agreed to sell a 50 per cent stake in its Greater Changhua 4 offshore wind farm to Taiwan's Cathay Life Insurance for about 11.6 billion Danish crowns ($1.64 billion).
The site is part of Orsted's 920 megawatt (MW) offshore wind farms Greater Changhua 2b and 4, which the company is currently constructing and expects to finalise by the end of 2025.
The total sales price includes the 50 per cent ownership share as well as a commitment to fund 50 per cent of the cost of the wind farm, Orsted said.
Battling to restore investor confidence, the offshore wind industry leader in February trimmed its investment and capacity targets and paused dividend payouts as part of a major review.
Orsted will continue to own the remaining 50 per cent ownership stake in the wind farm, Orsted said.
The transaction amount will be paid in 2024 and 2025, it added.
The Greater Changhua 2b and 4 offshore wind farms are located next to the 900 MW Greater Changhua 1 and 2a, which are in operation.
Together, the 1.82 GW Greater Changhua offshore wind cluster can produce enough energy to power nearly two million Taiwanese households, according to Orsted.
($1 = 7.0847 Danish crowns)
