Offshore staff
FREDERICIA, Denmark – Caisse de dépôt et placement du Québec (CDPQ) and Cathay PE have agreed to acquire a 50% ownership share of Ørsted’s 605-MW Greater Changhua 1 wind farm offshore Taiwan. CDPQ will be the majority owner among the two new partners.
The Greater Changhua 1 site is part of the 900-MW Greater Changhua 1 & 2a offshore wind farm, which Ørsted is constructing and expects to finalize in 2022.
As part of the agreement, Ørsted will construct the Greater Changhua 1 offshore wind farm under a full-scope EPC contract. The company will also provide long-term operations and maintenance services from its base at the Port of Taichung.
The total sales price comprises the acquisition of a 50% ownership share and the commitment from the partners to fund 50% of the payments under the EPC contract, which includes both the generation and transmission assets. The total value of the transaction is about TWD 75 billion ($2.7 billion).
The investors’ 50% stake will be funded through a combination of equity and senior long-term debt facilities from 15 international and Taiwanese banks and two Taiwanese life insurance companies as well as five export credit agencies providing lending and guarantees.
The divestment is subject to regulatory approval from the Taiwanese authorities.
12/31/2020
