Cathay Life Insurance to acquire a 50% stake in four Greater Changhua offshore wind farms from Ørsted for $1.6bn.

Cathay Life, an insurance broker, agreed to acquire a 50% stake in four Greater Changhua offshore wind farms from Ørsted, a developer of offshore and onshore renewable energy farms, energy storage facilities, and bioenergy plants, for $1.6bn. “We’re pleased to apply our partnership model in Asia Pacific once again and advance the development of offshore wind in the region with Cathay, with whom we have great collaboration experience. We’re satisfied with the transaction as it represents another important milestone in our partnership and divestment programme and ensures further progress towards our mid- and long-term targets,” Rasmus Errboe, Ørsted Deputy CEO and Chief Commercial Officer.