Danish offshore wind developer rsted (ORSTED.CO) agreed to sell a 55% stake in its Taiwan wind farm to Cathay Life Insurance for approximately DKK 5 billion (750 million), marking a major asset rotation in Asian renewables.
The transaction allows rsted to monetize its Greater Changhua 2 project while maintaining operational control, providing capital for future development amid increasing competition in offshore wind markets.
Key Takeaways
- rsted sells majority stake in 632MW Taiwan wind farm
- Deal valued at DKK 5 billion including project financing
- Cathay Life Insurance becomes majority owner of offshore project
Market reaction & context
The Greater Changhua 2 Offshore Wind Farm represents one of Taiwan’s largest renewable energy investments, with a capacity of 632 megawatts 1. The sale reflects broader trends among European wind developers seeking Asian partners to share capital-intensive offshore projects.
rsted’s asset rotation strategy mirrors moves by competitors like RWE and Equinor, who have similarly sold stakes in operational wind farms to institutional investors seeking stable, long-term returns.
Detailed analysis
Cathay Life Insurance and its affiliate will acquire the majority ownership stake, though rsted will retain operational responsibilities for the wind farm 2. The transaction includes existing project financing arrangements, suggesting the deal structure accommodates both parties’ capital requirements.
Taiwan has emerged as a key market for offshore wind development in Asia, with government targets calling for significant renewable capacity additions. The island’s strong wind resources and supportive regulatory framework have attracted multiple international developers.
Strategic implications
For rsted, the sale provides capital recycling opportunities while maintaining exposure to the Taiwan market through its retained 45% stake. The Danish company continues to develop additional offshore wind projects across Asia-Pacific markets.
Cathay Life’s investment aligns with insurance companies’ broader shift toward infrastructure assets that provide steady, inflation-linked returns. The deal completion remains subject to customary regulatory approvals 3.
Outlook
The transaction reflects growing institutional appetite for renewable energy assets in Asia, where governments are accelerating clean energy transitions. Taiwan’s offshore wind pipeline includes multiple gigawatts of planned capacity through 2030.
rsted’s strategy of developing projects before selling majority stakes to financial partners has become a template for capital-efficient growth in the offshore wind sector.
Not investment advice. For informational purposes only.
References
1“rsted to sell 55% stake in Taiwan offshore wind farm to Cathay”. Investing.com. Retrieved December 23, 2025.
2“Orsted sells 55% of Taiwan wind farm to Cathay”. Reuters via TradingView. Retrieved December 23, 2025.
3“rsted Partners with Cathay for Greater Changhua 2 Wind Farm in Taiwan”. Web Disclosure. Retrieved December 23, 2025.