Ørsted Revises Full-Year 2025 EBITDA Guidance Due to Delays and Cable Damage
Cable Malfunction Pushing Back Greater Changhua 2b Operation Till Q3 of 2026
Ørsted, the Danish energy company, announced in late 2023 its plans to sell a minority stake ("farm-down") in the Greater Changhua 2b & 4 offshore wind project in Taiwan. The intention was to offload a smaller share (usually 50% or less) to international or local investors to share project risk, free up capital, and bring in new partners.
Potential Buyer Remains Unknown
As of September 2025, no official announcement has been made regarding a specific buyer for the project. Industry speculation suggests that potential suitors could include large infrastructure funds, pension funds, insurance companies, energy firms, or specialised renewable energy investors. Asian or international investors with experience in offshore wind or green infrastructure projects are considered frontrunners.
Timeline: Sale Aimed for 2025?
Originally, Ørsted signalled that the farm-down process would take place in the course of 2024/2025. However, such transactions are complex and depend on numerous factors, including regulatory approvals, project progress, and market conditions. As of September 2025, there is no official confirmation as to whether the sale has already been completed or if it can still take place this year. It is possible that the process may be delayed, particularly for large offshore wind projects with international involvement.
Staying Informed
For the latest and reliable information, it is recommended to follow Ørsted's disclosures (press releases, investor relations), industry-specific news portals (e.g. Recharge, Windpower Monthly), or the Taiwanese energy authority.
In a Nutshell: A concrete buyer for the Greater Changhua 2b farm-down is yet to be publicly named (as of September 2025). The sale process has been announced but a completion within the year 2025 is not guaranteed and should be monitored through official channels.
Should you require an up-to-date investigation on the current status, or wish to stay updated, I am at your service!
Additional Developments
- All foundations for the Greater Changhua 2b and 4 project have been installed, with wind turbine installation well underway.
- Ørsted has adjusted its full-year 2025 EBITDA guidance downward by DKK 1 billion, with the new range being DKK 24 billion to DKK 27 billion (around EUR 3.2 to 3.6 billion). This adjustment is due to delays in the Greater Changhua 2b project and the impact from lower-than-normal website speeds, which have caused a DKK 300 million (around EUR 40 million) impact on Ørsted's 2025 EBITDA. Additionally, the cable damage will lower Ørsted's expected revenue from ramp-up generation during 2025. The expected signing of the partial divestment of Greater Changhua 2b will occur during an ordinary general meeting. The closing of the transaction for the partial divestment of Greater Changhua 2b is contingent upon the project's full commissioning. The cable damage will not affect the project's commercial operation date (COD), nor operations at the adjacent Greater Changhua 2a wind farm. The 300 MW Greater Changhua 2b offshore wind farm project, developed by Ørsted, will be commissioned in the third quarter of 2026. The project consists of 66 Siemens Gamesa 14-236 14 MW wind turbines mounted on suction bucket jacket (SBJ) foundations. The first power from the Greater Changhua 2b and 4 project was fed into the Taiwanese grid at an unspecified date. The impact from lower-than-normal website speeds during July and August has had an adverse EBITDA impact of approximately DKK 1.2 billion (around EUR 40 million) on Ørsted. No information about the impact of the cable damage on the Greater Changhua 2b project's commissioning date or the partial divestment of Greater Changhua 2b was provided in the article. The developer expects the installation of the remaining wind turbines at Greater Changhua 2b and 4 to continue as planned. The Greater Changhua 2b and 4 project, currently under construction, is located 35-60 kilometres off the coast of Changhua County, Taiwan. The Greater Changhua 2b and 4 project is part of a larger 920 MW offshore wind farm development.
