Denmark-headquartered green energy giant Ørsted has signed agreements with a consortium comprising institutional investor Caisse de dépôt et placement du Québec (CDPQ) and Taiwanese private equity fund Cathay PE to sell a 50% ownership share of its Greater Changhua 1 Offshore Wind Farm.
Ørsted is currently constructing the Greater Changhua 1 site and the project is expected to be completed in 2022.
“I’m delighted to welcome our long-term partner CDPQ and Cathay PE in Greater Changhua 1. It’s encouraging to once again see institutional investors playing an important role in the transition to renewable energy and low-emission economies. Today’s announcement also marks a milestone in successfully applying our partnership farm-down model in Asia-Pacific for the first time,” said Martin Neubert, executive vice president and CEO of Ørsted Offshore.
The total value of the transaction is approximately DKK16bn ($2.6bn) and Ørsted will use the proceeds to fund 50% of the payments under the EPC contract for the wind farm which includes both the generation and transmission assets.