REG-Ørsted A/S Ørsted has selected Cathay Life Insurance as preferred bidder for 50 % ownership share in Greater Changhua 4

Oersted A/SAnnouncement

17/10/2023 10:45

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   Ørsted A/S (Orsted)
   Ørsted has selected Cathay Life Insurance as preferred bidder for 50 %
   ownership share in Greater Changhua 4

   17-Oct-2023 / 11:30 CET/CEST

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   17.10.2023 11:30:10 CEST | Ørsted A/S | Investor News

   Following a competitive divestment process, Ørsted has signed an
   exclusivity agreement with Cathay Life Insurance today, selecting the
   Taiwanese leading insurance company and its affiliate as preferred bidder
   for the acquisition of a 50 % ownership stake in total of Ørsted’s 583 MW
   Greater Changhua 4 Offshore Wind Farm in Taiwan.

   Ørsted and Cathay Life Insurance have agreed to an exclusivity period
   lasting until 17 January 2024, during which both parties will finalise
   negotiations of the transaction documents and confirmatory due diligence.

   Under the Taiwan Stock Exchange disclosure rules, Cathay Life Insurance is
   required to make a public announcement upon being selected as preferred
   bidder.

   Subject to signing of the transaction, the completion of the divestment
   will be subject to regulatory approvals from the Taiwanese authorities.

   In total, Greater Changhua 2b and 4 will have a capacity of 920 MW, and
   Ørsted  1 took final investment decision (FID) on these projects earlier
   this year. The wind farms are under construction and expected to be
   completed by the end of 2025.

   For further information, please contact:

   Media Relations
   Jakob Gøtzsche Vesterager
   +45 99 55 78 21
    2 javen@orsted.com

   Investor Relations
   Rasmus Keglberg Hærvig
   +45 99 55 90 95
    3 ir@orsted.com

   About Ørsted in Taiwan

   Operational project

   Formosa 1

     • Ørsted is the biggest shareholder and co-owner of Taiwan’s first
       commercial-scale offshore wind project, Formosa 1, which was extended
       from a capacity of 8 MW to 128 MW in 2019.

   Construction projects

   Greater Changhua 1 and 2a

     • The Greater Changhua 1 and 2a offshore wind farms are located 35-60 km
       off the coast of Changhua County and have a capacity of approx. 900 MW
       in total, enabling them to provide green energy to one million
       Taiwanese households. Ørsted expects to commission the last wind
       turbines in 2023.
     • The 605 MW Greater Changhua 1 is co-owned by Ørsted (50 %), Caisse de
       dépôt et placement du Québec (CDPQ), and Cathay PE. CDPQ and Cathay PE
       hold a combined ownership share of 50 %.
     • Greater Changhua 1 hosts the world-first pilot  4 ReCoral by ØrstedTM,
       a project that sets out to discover whether offshore wind turbine
       foundations could provide an additional new home where corals have the
       potential to flourish.

   Greater Changhua 2b and 4

     • Ørsted was awarded the 920 MW Greater Changhua 2b and 4 offshore wind
       farms in June 2018. A corporate power purchase agreement (CPPA) was
       signed with Taiwan Semiconductor Manufacturing Company Limited (TSMC)
       in July 2020. The Greater Changhua 2b and 4 offshore wind farms are
       expected to be completed by the end of 2025.

   Development projects

     • Ørsted is developing a leading portfolio of offshore wind sites and
       has secured approvals of their environmental impact assessments,
       enabling them to compete in future tenders in Taiwan.
     • The development projects include the Xu Feng and Greater Changhua 3
       projects located off the coast of Changhua County as well as the Wo
       Neng projects situated off the coast of Taichung in Taiwan.

   As the world leader in offshore wind, Ørsted has installed more than
   1,900 offshore wind turbines at sea. By the middle of 2023, Ørsted had 8.9
   GW of capacity installed, 3.1 GW of capacity under construction, and a
   further 10.4 GW of capacity awarded, resulting in a firm capacity of 22.4
   GW. This aligns with the company’s ambition of reaching 50 GW installed
   renewable energy capacity by the end of 2030.

   About Ørsted

   The Ørsted vision is a world that runs entirely on green energy. Ørsted
   develops, constructs, and operates offshore and onshore wind farms, solar
   farms, energy storage facilities, renewable hydrogen and green fuels
   facilities, and bioenergy plants. Ørsted is recognised on the CDP Climate
   Change A List as a global leader on climate action and was the first
   energy company in the world to have its science-based net-zero emissions
   target validated by the Science Based Targets initiative (SBTi).
   Headquartered in Denmark, Ørsted employs approx. 8,000 people. Ørsted's
   shares are listed on Nasdaq Copenhagen (Orsted). In 2022, the group's
   revenue was DKK 132.3 billion (EUR 17.8 billion). Visit  5 orsted.com or
   follow us on  6 Facebook,  7 LinkedIn,  8 Instagram and  9 Twitter.

       Attachments

     •  10 Investor News - Greater Changhua 4.pdf

   News Source: Ritzau

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   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   ISIN:          DK0060094928
   Category Code: MSCM
   TIDM:          Orsted
   Sequence No.:  278673
   EQS News ID:   1750831


    
   End of Announcement EQS News Service

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