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. 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). Implied 100% value EUR 4,300m; EUR 7,108,000/MW at the record's 605 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. EUR figure at the ECB 2020-12 monthly average (0.1344 EUR per DKK).