Greater Changhua 4
Located ~55 km off Changhua County, Taiwan Strait. Uses SG 14-236 DD turbines. Annual generation ~3.3 TWh.
Status
Under Constructionlifecycle stage
DeliveringHafrok completion outlook
Ownership
Ørsted — 50% ◇CLCathay Life Insurance — 50% ◇
Location
TaiwanTaiwan Strait
Technology
Capacity
583 MW ◇
Turbines
— ◆
Model
Siemens Gamesa SG 14-236 DD ◆
Foundation
Jacket ◇
Site & conditions
Site rights
Seabed rights held ∴
Water depth
38–45 m ≈
Wind speed
11.0 m/s @ 150 m ≈
Revenue & grid
Offtake
PPA ◆
Grid
Not recorded ◆
Connection
Changhua County onshore substation (Taipower grid) ◆
Schedule
FID
31 Mar 2023 ◆
COD · announced
2026-Q3 ○
COD · Hafrok
2026 expected
Delivery outlook modelled by Hafrok · calibrated on delivered projects
2026
expected year of commercial operation
Chance of delivery
≈98%
estimated chance this project reaches commercial operation
Under Construction projects complete ≈97% of the time on Hafrok's record. A secured offtake contract lifts this one slightly; its size and technical complexity pull a little the other way.
COD outlook
If it completes, when — Hafrok’s probability by year (teal) · the developer’s COD guidance, by date stated (ink)
| Year | Probability |
|---|---|
| 2026 (expected) | 86.7% |
| 2027 | 13.3% |
| Stated | Announced COD |
|---|---|
| 2025-Q1 | 2025-H2 |
| 2025-11-05 | 2026-H1 |
| 2026-05-07 | 2026-Q3 (held since 2026-01, 2 statements) |
How Hafrok got this date
1
Starting point: the last dated milestone
Construction start in
2025. From there Hafrok adds how long similar projects (in established offshore-wind markets) took to reach commercial operation, measured on projects that have delivered.2
Typical timing
Starting point plus the typical remaining time gives a middle estimate of
2027; the faster quarter of similar projects would be done by 2026, the slower quarter not until 2028.3
Result
Expected commercial operation
2026, likely range 2026–2028 (the middle half of outcomes for similar projects). The developer's announced date falls inside that likely range, so the announced date is adopted.4
Year-by-year chart
The bars spread that estimate across years using how similar projects actually slipped against their dates — more often late than early, which is why the bars lean right.
5
Chance of delivery — separate from timing
Start from the share of Under Construction projects that went on to complete — ≈97%, measured on Hafrok's record of delivered and abandoned projects, with an allowance held back where that record cannot yet speak (projects still unresolved, changed market conditions). Based on the measured record — all 257 construction starts with a final outcome reached operation — adjusted down for projects still mid-build and for legal-challenge risk. Then adjust for this project's own evidence — offtake, market, size, technical complexity — to ≈98%, which rates it
Delivering on Hafrok's four-step delivery scale (Delivering · Expected · Prospective · Fragile).Project timeline & ownership verified milestones on the spine · ownership from Hafrok’s transactions record
Farmdown · 2023-10
Ørsted → Cathay Life Insurance 50%
- Stake
- 50%
- Consideration
- €1,554m
- Implied 100% value
- €3,108m
- Implied
- €5.34m / MW
- Announced
- 2023-10
- Closed
- 2024-12
- Project stage
- under construction
On 16 October 2023, Ørsted selected Cathay Life Insurance (and a Cathay subsidiary) as preferred bidder for 50% of the 583 MW Greater Changhua 4 Offshore Wind Farm. The definitive agreement was signed and the transaction completed in December 2024. Total deal value: approximately TWD 53.3 billion (approx. DKK 11.6 billion = approx. USD 1.64 billion). At DKK/EUR 0.134: DKK 11,600m × 0.134 = EUR 1,554m. This value covers the 50% ownership stake plus 50% of remaining EPC commitments (the standard Taiwan farmdown deal structure). The Greater Changhua 4 (GC4) project has a capacity of 583 MW. The implied 100% value = EUR 3,108m; EUR/MW = EUR 3,108m / 583 MW × 1,000,000 = EUR 5,330,000/MW. The pure equity stub (excluding EPC capex) would be substantially lower. Capacity shown (920 MW) is the combined GC2b+4 project FK — the 50% farmdown in this record is specifically for GC4 (583 MW); GC2b farmdown is covered in the Greater Changhua 1 & 2a section (GC2a+2b farmdown to Cathay, Dec 2025). Post-transaction: Ørsted 50%, Cathay Life 50% in GC4. This was the largest direct investment in an offshore wind farm by a life insurer globally at time of signing. Project financing (USD 1.6bn) closed 12 December 2024. Data confidence: HIGH — deal quantum confirmed by Ørsted press release.
Evidence
- orsted.com — Ørsted has selected Cathay Life Insurance as preferred bidder for 50 % ownership share in Greater Changhua 4 ↗ 2023-10 ◆ held
- orsted.com — Ørsted brings in Cathay Life Insurance as investor in Greater Changhua 4 Offshore Wind Farm ↗ 2023-10 ◆ held
- Ørsted A/S — Ørsted completes 50 % divestment of Greater Changhua 4 ↗ 2024-12 ◆ held
- offshoreWIND.biz — Ørsted Sells Half of Changhua 4 Offshore Wind Farm to Taiwan's Insurance Company ↗ 2023-10 ◆ held
From Hafrok’s transactions record
Dashed tick marks today (9 Sep 2026). The ▲ below the spine is the developer-announced COD. Ownership lives in the band below: one station per recorded deal, dated at its label, in deal order rather than to calendar scale. Secondary trades appear only at the interchanges; grey lines are parties whose entry or exit Hafrok’s record does not hold.
Announced COD: held (announced 2026-H1, unchanged) · the full guidance history is in the delivery chart above
Revenue & offtake contract duration and price levels · money of the day
583 MW contracted — feed-in tariff
● Feed-in tariff · Taiwan 2018 Offshore Wind Capacity Allocation — Competitive Auction (競標)
Price2.5481 TWD/kWh ·Capacity582.9 MWAwardedJun 2018Term20 yrs
Installation how the build is going · from satellite counts and Hafrok’s registers
Installation under way
no satellite count yet: this farm is outside the tracker’s coverage so far
Installation · on record
StageUnder Construction
Offshore constructionstarted 2025-02
Expected start of operation2026-Q3
Sources & verification
7/15 fields verified · rests on 16 sources (6 primary) · ◆ 8 documents held
◆Verified≈Modelled◇Sourced∴Inferred⌁Convention○Unverified∅No source·Derived
Numbers are stable citation ids — grouped by source class, so they are not consecutive.
Operator7
[2]
Ørsted2025-02-18◆ Ørsted starts offshore construction of 9…
“Since its final investment decision in March 2023, Ørsted has begun the manufacturing of the key components, completed civil work of the onshore substation, and started mobilising vessels to prepare t…”
supportsOnshore constructionOffshore constructionSite rights
[4]
Ørsted2026-01-20◆ All wind turbines installed at Ørsted’s …
“Since achieving first power in July 2025, the project has been delivering renewable energy to the national grid.”
supportsFirst powerModelUnit capacityStatusConnection point
[9]
[12]
Ørsted2025-Q1◆ Orsted — orsted investor presentation …
“Capacity 920 MW Offtake contract Fully secured with TSMC through CPPA Commercial operation date H2 2025”
supportsMechanismDetail
[14]
Ørsted A/S2026-05-07◆ Ørsted IR presentation Q1 2026
“Capacity 920 MW Offtake contract Fully secured with TSMC through CPPA Commercial operation date Q3 2026”
supportsCommercial operationCOD history
[16]
Ørsted2026-Q2◆ Orsted — orsted q2 2026 ir presentation
“Borkum Riffgrund 3 Changhua 2b and 4 Revolution Wind Sunrise Wind Baltica 2 Hornsea 3 / BESS Capacity1 913 MW 920 MW 704 MW 924 MW 1,498 MW 2,852 MW / 300 MW COD Q3 2026 Q3 2026 H2 2026 H2 2027 H2 20…”
supportsCommercial operation
[18]
Ørsted Taiwan2026-08-21◆ Statement on a single turbine incident a…
“On 8 August, a wind turbine at the Greater Changhua 4 Wind Farm automatically tripped and ceased operation after its system detected an abnormal condition. Following this, the wind farm team observed …”
supportsStatus note
Auction results1
[19]
Conventus Law2026-06-22◆ tw-auction-2018-tw-2018-bond
Taiwan 2018 grid allocation: Stage-1 NT$4m/MW + Stage-2 NT$2m/MW performance bond; establishment permit before end-2019
supportsFeed-in tariff · Taiwan 2018 Offshore Wind Capacity Allocation — Competitive Auction (競標)
Trade press7
[5]
offshoreWIND.biz2025-12-24
Press report — cited, not quoted; read it at the source link.
supportsoperatorownerTotal capacity
[6]
[7]
Power Technology2024
Press report — cited, not quoted; read it at the source link.
supportsConsentFinal investment decisionFoundation
[8]
[10]
[11]
Ørsted2026-01◆ Orsted — q4 2025 pre close calls reminde…
“Greater Changhua 4 (583 MW gross, 50 % ownership) with expected commissioning in Q3 2026.”
supportsCommercial operation
[17]
reNEWS2026-08-21
Press report — cited, not quoted; read it at the source link.
supportsStatus note
Unverified import1
[1]