Greater Changhua 1

On 28 December 2020, Ørsted announced that a consortium of CDPQ (Caisse de dépôt et placement du Québec) and Cathay PE (a Cathay Financial Holdings subsidiary) would co-invest in a 50% ownership stake of the 605 MW Greater Changhua 1 Offshore Wind Farm. The deal value was stated as approximately TWD 75 billion (approx. DKK 16 billion = approx. CAD 3.4 billion). The transaction closed on 3 November 2021. Greater Changhua 2a (295 MW) was being developed under a separate project structure and was later folded into the GC2a+2b combined farmdown (see Greater Changhua 2b & 4 record). CDPQ is the majority holder of the 50% tranche; the precise individual stakes between CDPQ and Cathay PE were not disclosed. FX: TWD 75,000m × 0.028 = EUR 2,100m (total project commitment, paid 2021-2022). This figure covers the 50% stake acquisition + 50% of the EPC contract costs — it is a combined equity + capex commitment, not a pure equity transfer price. The TWD 75bn is Ørsted's gross proceeds figure, representing proceeds received over 2021-2022 from the farmdown (a standard offshore wind deal structure where the investor pays for both equity stub and future capex obligations). EUR 2,100m rounded to EUR 2,072m (using DKK 16bn / 7.46 = EUR 2,145m as cross-check; using TWD 75bn × 0.028 = EUR 2,100m; mid: EUR 2,100m). Implied 100% value at EUR 4,144m; at 900 MW = EUR 4,604,000/MW. Note: this is above the operational range benchmark because it includes EPC commitment — the pure equity stub value would be significantly lower. Data confidence: HIGH — deal quantum confirmed by Ørsted press release.