TAIPEI (Taiwan News) – Cathay Financial Group invested NT$25 billion (US$795.79 million) for a 55% share of an Orsted Taiwan offshore wind park in Changhua, reports said Wednesday.

The Danish company said that Cathay Life Insurance and its subsidiary Cathay Power Inc. had signed an agreement for a stake in the Greater Changhua 2 area, per CNA. The site was located 50 to 60 kilometers from the coast.

One part, Greater Changhua 2a, was already operational to produce 295 megawatts, Orsted said in a statement. The other part, Greater Changhua 2b, was under construction and scheduled for commissioning in the third quarter of 2026, with production projected at 337MW.

The financial package for the whole project closed in July totaled NT$90 billion. Orsted already co-owned two other wind parks, Greater Changhua 1 and 4, with Cathay. The Danish energy producer described the latest deal as a milestone in its divestment and partnership program to solidify its capital structure.

Cathay Life said the latest agreement represented its long-term support for Taiwan’s green energy transformation. The project also fit in with the insurance sector’s aims of producing stable long-term investment revenue, Cathay Life said.