Cathay Life Insurance acquires 50% interest in Ørsted’s Greater Changhua 4 project

Cathay Life Insurance's acquisition of a 50% stake in Ørsted's 583MW Greater Changhua 4 offshore wind project in Taiwan for DKK 23.2 billion represents a significant investment in renewable energy infrastructure. This deal sees a major institutional investor, Cathay Life Insurance, partnering with a leading global offshore wind developer, Ørsted, to develop a substantial renewable energy asset. The involvement of Cathay Private Equity and Cathay Power as buyers, alongside Cathay Life Insurance, suggests a coordinated investment strategy within the Cathay group to expand its presence in the renewable energy sector. This transaction follows Ørsted's divestment of its European onshore wind, solar, and storage business, indicating a strategic shift in its portfolio. The deal is notable for its size, involving a multi-billion Danish Krone investment in a single offshore wind project. The participation of Ørsted, a prominent player in the global offshore wind market, lends credibility and expertise to the project. Cathay Life Insurance's involvement signals the growing appetite of institutional investors for infrastructure assets, particularly in the renewable energy space. The location of the project in Taiwan highlights the increasing importance of offshore wind in the region's energy transition. This acquisition is likely to further stimulate investment and development in Taiwan's offshore wind sector.