EuropeGreater ChinaRenewables

Ørsted brings in new investors for Greater Changhua wind farm

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.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
Back to top button