New Assessment Shows Greater Changhua Offshore Wind Farms Deliver Measurable Benefits Beyond Megawatts

Ørsted on July 29 released its Value Beyond Megawatts report, the first comprehensive and quantitative assessment in Taiwan evaluating the social and environmental impacts of a GW-scale offshore wind portfolio. Covering the Greater Changhua Offshore Wind Farm with a total installed capacity of 1.82 GW—including the Greater Changhua 1 & 2a, and Greater Changhua 2b & 4—the report reviews development, construction, and operations from 2018 to 2026. It assesses the long-term value generated by offshore wind across three key dimensions: carbon reduction, biodiversity, and community impact.

The study applies the internationally recognized Equivalent Quality-Adjusted Life Year (eQALY) impact valuation methodology and follows the governance principles of the Capitals Protocol. The assessment was conducted by consultancy Valuing Impact and underwent expert peer review by the Business Council for Sustainable Development Taiwan (BCSD Taiwan), providing a science-based evaluation of the overall contributions of the offshore wind farms to society and the natural environment.

Hsin-Chieh (Christy) Wang, Chairperson of Ørsted Taiwan, said: "Offshore wind is an indispensable energy solution for driving economic development while achieving net-zero emissions. As a long-term investor in Taiwan and a company deeply committed to the development of the offshore wind industry, Ørsted believes the value of offshore wind extends well beyond the carbon reductions enabled by renewable electricity generation. Its true value is also reflected in the positive and lasting impacts it creates for society, the environment, and local communities. Through Taiwan's first quantitative assessment of the social and environmental value of offshore wind, we hope to provide a transparent, science-based reference that demonstrates how offshore wind not only supports the energy transition but also creates enduring value for communities and ecosystems."

The report finds that every 1,000 kWh of clean electricity generated by the Greater Changhua Offshore Wind Farm creates more than NT$6,000 in social value—nearly twice the retail electricity price. The benefits generated throughout the project's lifecycle are primarily reflected in three areas: carbon reduction, biodiversity, and community impact.

Carbon Reduction: Accelerating Taiwan's decarbonization through long-term renewable electricity supply
By replacing fossil fuel-based power generation and avoiding greenhouse gas emissions, the Greater Changhua Offshore Wind Farm generates approximately NT$49.4 billion in value annually through reduced environmental damage associated with carbon emissions. This benefit significantly exceeds the environmental costs arising from lifecycle emissions related to raw material production and vessel fuel consumption

Biodiversity: Responsible offshore wind development can deliver positive outcomes for biodiversity
While all human activities have the potential to impact nature, Ørsted has proactively implemented a range of biodiversity initiatives, including the ReCoral coral restoration feasibility program, bird habitat creation and restoration, marine ecological monitoring, artificial reef performance monitoring, bird collision risk mitigation measures, and underwater noise mitigation measures. Together, these initiatives generate more than NT$1.5 million in positive value annually, exceeding the estimated impacts on the natural environment. The report concludes that science-based impact mitigation and voluntary conservation measures enable offshore wind farms to make tangible and positive contributions to biodiversity.

Community Impact: Strengthening the offshore wind ecosystem and creating lasting value for local communities
Beyond supplying renewable electricity, the Greater Changhua Offshore Wind Farm continues to foster Taiwan's offshore wind industry ecosystem by creating local employment opportunities, strengthening supply chain capabilities, developing industry talent, and supporting community development. These efforts enhance social well-being while generating long-term value for Taiwan. According to the report, Ørsted's investments in industry ecosystem development create approximately NT$352 million in social value annually, with cumulative social value reaching approximately NT$2.42 billion since the project began. In addition, Ørsted's community partnership programs generate approximately NT$1.4 million in social value each year, with cumulative value expected to reach approximately NT$11 million by 2026.

The monetized figures presented in the report are estimates derived from Impact Accounting methodologies. They are intended to illustrate the approximate scale of the value created by the offshore wind farms and to provide a basis for comparing different impact categories. They should not be interpreted as actual financial returns or cash value.

Report download: VValue Beyond Megawatts: Quantifying the Social and Environmental Value of Ørsted's Greater Changhua Offshore Wind Farms

【Ørsted – Offshore Wind Farms in Operation】
．Ørsted is the largest shareholder in Taiwan's first offshore wind farm, Formosa 1 Offshore Wind Farm, holding a 35% stake. Formosa 1 Phase II construction was completed at the end of 2019 and entered commercial operation in early 2020, expanding installed capacity from 8 MW to 128 MW.
．The Greater Changhua 1 & 2a Offshore Wind Farms are located 35 to 60 kilometers off the coast of Changhua County, with a total grid-connected capacity of 900 MW. The projects generate enough clean electricity annually to meet the equivalent yearly power consumption of approximately 1 million Taiwanese households.
．The Greater Changhua 1 has an installed capacity of 605 MW, of which Ørsted holds a 50% ownership stake. The remaining 50% stake is jointly owned by an international infrastructure investment consortium comprising La Caisse (the Québec Deposit and Investment Fund) of Canada and Taiwan's Cathay Private Equity Sustainability Fund.
．At the Greater Changhua 1 Offshore Wind Farms, Ørsted is conducting the world's first coral propagation feasibility study, ReCoral by Ørsted™, which explores the use of offshore wind turbine substructures in tropical waters to create new habitats for coral ecosystems.

【Under Construction – Greater Changhua 2b & 4 Offshore Wind Farms】
．In June 2018, Ørsted secured development rights through a competitive tender for its 2nd large-scale offshore wind project in Taiwan — the 920 MW Greater Changhua 2b & 4 Offshore Wind Farms. In July 2020, Ørsted signed a CPPA with Taiwan's largest semiconductor manufacturer.
．The Greater Changhua 4 Offshore Wind Farm has an installed capacity of 583 MW, with Ørsted holding a 50% ownership stake and the remaining 50% owned by Cathay Life Insurance.
．Ørsted has signed an agreement with Cathay Life Insurance Co., Ltd. and its subsidiary Cathay Power Corporation (collectively "Cathay") for a joint investment under which Cathay will acquire a 55% ownership stake in the 632 MW Greater Changhua 2a Offshore Wind Farm. The transaction is expected to be completed upon the project’s commercial operation date in the third quarter of 2026.

【About Ørsted】
Ørsted is a global leader in offshore wind power, specializing in the development, construction, and operation of offshore wind farms. Its core markets span Europe and key Asia-Pacific regions, including Taiwan, South Korea, and Australia. Backed by 35 years of offshore wind expertise, Ørsted has installed 10.2 GW of offshore wind capacity worldwide, with an additional 8.1 GW currently under construction. Across Europe, the Asia-Pacific region, and North America, Ørsted’s total installed renewable energy capacity has exceeded 18 GW, encompassing a diversified portfolio that includes onshore wind, solar power, energy storage, biomass power generation, and energy trading.
Ørsted is widely recognized as a global sustainability leader within the industry. Guided by its vision of creating a world powered entirely by green energy, the company is headquartered in Denmark and employs approximately 7,700 people worldwide. Ørsted is publicly listed on the Nasdaq Copenhagen Stock Exchange under the ticker symbol ORSTED. In 2025, Ørsted reported operating profit of DKK 25.1 billion, excluding earnings from new partnership agreements and contract termination fees, equivalent to approximately EUR 3.4 billion or TWD 125.1 billion.

Source: Ørsted
Compilation & Ttranslation: EnergyOMNI