The Danish power utility Ørsted has selected the Taiwanese company Cathay Life Insurance as the preferred bidder for a 50% ownership share in the 583 MW Greater Changhua 4 offshore wind project, located off Changhua County in western Taiwan. Ørsted has signed an exclusivity agreement with Cathay Life Insurance following a competitive divestment process.
The Greater Changhua offshore wind projects consist of four wind park developments whose total installed capacity is expected to reach 2.4 GW. The Greater Changhua 4 project was awarded in June 2018 through Taiwan’s first competitive price-based auction. Ørsted subsequently signed a corporate power purchase agreement (PPA) in July 2020 with Taiwan Semiconductor Manufacturing Company Limited (TSMC). The project will consist in 14 MW wind turbines and is expected to be completed by 2025.
At the end of 2022, offshore wind represented less than 1% of Taiwan’s installed capacity (with 237 MW), as the island only installed its first offshore wind turbine in 2017. Onshore wind capacity stood at 1.34 GW at end-2022. Currently, Taiwan has nearly 3 GW of wind projects under construction and over 20 GW under development.