Danish wind energy company Orsted has sold 50% of its stake in the Greater Changhua 4 wind farm off Taiwan's west coast to Cathay Life Insurance. The move is part of the Orsted's bid to restore investor confidence in the company after a string of losses and project cancellations.
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00:00Danish company Ørsted has sold half its stake in one of Taiwan's offshore wind farms
00:06for more than US$1.5 billion. Greater Zhenhua 4 is part of a larger 920-megawatt wind farm project.
00:14The 50 percent stake was bought by Taiwan's Cathay Life Insurance, while Ørsted will continue to own
00:20the remaining half. The move is part of Ørsted's major reorganization aimed at restoring investor
00:26confidence in the company after a string of losses and project cancellations.