Offshore staff
FREDERICIA, Denmark — Ørsted has entered an exclusivity agreement with Taiwan’s Cathay Life Insurance, and a subsidiary, to be preferred bidder for a 50% stake in the 583-MW Greater Changhua 4 wind farm offshore Taiwan.
In January Ørsted took FID on the project.
The new arrangement has an exclusivity period until Jan. 17, 2024, during which the parties will finalize terms for the transaction documents and due diligence investigations.
Greater Changhua 2b and 4, which will have a capacity of 920 MW, are due to be completed by the end of 2025 at their locations 35-60 km off the Changhua coast.
Ørsted also announced that it had extended its partnership with Glennmont Partners through divesting a 50% stake in the Gode Wind 3 wind farm development offshore Germany.
Glennmont, a European fund manager, focuses exclusively on investments in clean energy infrastructure. It is owned by Nuveen, a global asset manager.
Gode Wind 3, with a capacity of 253 MW, was awarded to Ørsted in 2017 and 2018 as two separate projects. Construction continues alongside the Borkum Riffgrund 3 offshore wind farm, in which Ørsted and Glennmont are already 50:50 co-venturers.
Glennmont is also a co-owner of Ørsted’s Gode Wind 1 offshore wind farm.
Under the transaction, valued at EUR473 million ($499 million), Glenmont has agreed to fund 50% of the construction of Gode Wind 3, which should enter commercial operation in 2024.
10.17.2023
