Orsted A/S, the world’s biggest developer of offshore wind farms, has agreed to sell a NT$75 billion (US$2.63 billion) stake in a project off Taiwan, it said yesterday.
Institutional investor Caisse de depot et placement du Quebec (CDPQ) and Cathay PE — a private equity fund of Cathay Securities Investment Trust Co (國泰投信) — are to acquire a 50 percent stake in the 605-megawatt Greater Changhua 1 project, with CDPQ being the majority partner, Orsted said in a statement.
Orsted would retain the remaining 50 percent stake and continue to operate the wind farm, it said.
“Today’s announcement marks a milestone in successfully applying our partnership farm-down model in Asia-Pacific for the first time,” Orsted Offshore executive vice president and CEO Martin Neubert said.
A “farm-down” model involves selling stakes in projects to institutional investors interested in long-term yields, allowing operators to invest elsewhere.
The divestment is subject to regulatory approval.
“While bringing in partners, Orsted remains fully committed to constructing and operating the project during its lifetime,” Orsted Asia-Pacific president Matthias Bausenwein said.
It is CDPQ’s first offshore wind farm investment in Taiwan.
CDPQ executive vice president and head of infrastructure Emmanuel Jaclot said that Taiwan is an “attractive market” and Orsted would be a “longtime partner.”
“As an investor with vast experience in renewable energy, we seek this kind of greenfield opportunity to contribute to the transition toward a low-carbon economy,” Jaclot said.
Cathay PE chairman Jeff Chang (張錫) said that the project is “an important milestone in Taiwan’s energy transition” and “fits perfectly with Cathay PE’s investment mandate to invest in high-quality energy infrastructure projects.”
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