LONDON, UK: Ørsted has signed an exclusivity agreement with Cathay Life Insurance today, selecting the Taiwanese leading insurance company and its affiliate as preferred bidder for the acquisition of a 50 % ownership stake in total of Ørsted’s 583 MW Greater Changhua 4 Offshore Wind Farm in Taiwan.

Ørsted and Cathay Life Insurance have agreed to an exclusivity period lasting until 17 January 2024, during which both parties will finalise negotiations of the transaction documents and confirmatory due diligence.

Under the Taiwan Stock Exchange disclosure rules, Cathay Life Insurance is required to make a public announcement upon being selected as preferred bidder.

Subject to signing of the transaction, the completion of the divestment will be subject to regulatory approvals from the Taiwanese authorities.

In total, Greater Changhua 2b and 4 will have a capacity of 920 MW, and Ørsted took final investment decision (FID) on these projects earlier this year. The wind farms are under construction and expected to be completed by the end of 2025.

Ørsted divests its remaining 25 % share of London Array for GBP 717 million