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Global institutional investor CDPQ and experienced local investor Cathay PE will co-invest 50% of the 605MW Greater Changhua 1 Offshore Wind Farm. rsted will retain a 50% share ownership in the Greater Changhua 1 Offshore Wind Farm, as well as deliver the full construction and long-term O&M services for the project, which is expected to be completed by 2022. The partnership is based on a financing model for offshore wind projects that is unique in the Asia-Pacific Region. This is CDPQ's first direct investment in Taiwan through its Infrastructure team, which has a long track-record in the renewable energy sector. TAIPEI and MONTREAL, Dec. 28, 2020 /PRNewswire/ - rsted announced today that it has signed an agreement with a consortium of world-leading investors, which consists of global institutional investor Caisse de dpt et placement du Qubec (CDPQ) and established local investor Cathay PE, to co-invest in the 605MW Greater Changhua 1 Offshore Wind Farm (Greater Changhua 1). CDPQ and Cathay PE will jointly own 50% of the Greater Changhua 1 and rsted will retain a 50% share. The majority of the deal amount of approximately TWD 75 billion (approximately DKK 16 billion, or 3.4 billion CAD) will be used to pay for the EPC services forGreater Changhua 1. The transaction is still subject to all customary and regulatory approvals by Taiwanese authorities. Matthias Bausenwein, President of rsted Asia-Pacific, says: "It has been our commitment to share our vast offshore wind financing experience with Taiwan's financial community since the early stages of developing the Greater Changhua projects. We are glad to successfully achieve this important milestone by bringing our reliable and experienced partner CDPQ to Taiwan for the first time. We are equally thrilled to collaborate with our local partner Cathay PE, so that the Greater Changhua 1 will also be locally owned." Kunal Patel, Vice President and rsted Head of Partnerships & Structured Solutions, says: "This transaction marks the evolution of our partnership model into Taiwan, leveraging our extensive track record of development, construction and operation of large offshore wind farms. With a longterm agenda in Taiwan, we remain committed to the Greater Changhua 1 project and will also reutilize the capital into further developing new offshore wind projects to assist Taiwan in achieving its energy transition goals." Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure, CDPQ, says: "This investment in Taiwan, which represents an attractive market for CDPQ, allows us to further diversify our presence in Asia. As an investor with vast experience in renewable energy, we seek this kind of greenfield opportunity to contribute to the transition towards a lowcarbon economy. Working alongside our long-term partner rsted, and experienced local investor Cathay PE, we are proud to support the Greater Changhua 1 Offshore Wind Farm, which will supply clean power to over 650,000 Taiwanese families." Cyril Cabanes, Managing Director, Infrastructure, Asia Pacific, CDPQ, adds: "We are excited to take this first step in Taiwan's renewable energy market, where we see many prospects and opportunities to collaborate with esteemed international and local partners who share our interest in developing high-quality infrastructure. We are also committed to further expand our renewables and energy footprint in Asia Pacific, building upon this investment and other successful platforms that we have developed in India and Australia over the past few years." This investment in Greater Changhua 1 is an important step for CDPQ's CAD 28-billion infrastructure portfolio. Indeed, this marks the first time that CDPQ is investing in an offshore wind farm in Asia Pacific, which reflects CDPQ's confidence in rsted's track record and adds the asset to the institutional investor's long list of investments in solar and wind energy across the Americas, Europe and India. Jeff Chang, Chairman, Cathay PE, says: "We are delighted to team up with CDPQ to invest alongside rsted in the Greater Changhua 1 Offshore Wind Farm project. This landmark transaction represents an important milestone in Taiwan's energy transition towards a low-carbon future and fits perfectly with Cathay PE's investment mandate to invest in highquality energy infrastructure projects alongside worldclass partners." The 50-50 partnership is the first of its kind in the APAC offshore wind sector and will help stimulate further opportunities in the Taiwanese market for offshore wind. rsted will retain 50% share of the Greater Changhua 1, which will be financed by its corporate balance sheet and will deliver the long-term operations and maintenance (O&M) services to the project. Greater Changhua 1 is part of the 900MW Greater Changhua 1 & 2a Offshore Wind Farms, which rsted is currently constructing and expects to be completed in 2022. CDPQ and Cathay PE will acquire a 50% share of the Greater Changhua 1 via a multi-tranche financing package from 15 international and local banks and two local life insurance companies: Cathay United Bank, CTBC Bank, E-SUN Bank, Taipei Fubon Bank, Cathay Life Insurance Co., Taiwan Life Insurance Co., BNP Paribas, Crdit Agricole, Deutsche Bank, DZ Bank, HSBC, Oversea-Chinese Banking Corporation, Korea Development Bank, Siemens Bank, Socit Gnrale, Standard Chartered and Sumitomo Mitsui Banking Corporation. The financing package, which was structured and led by rsted, will be partially supported by guarantees and/or loans from five international export credit agencies (ECAs); Eksport Kredit Fonden (EKF) of Denmark, UK Export Finance (UKEF), Atradius of the Netherlands, Korea Trade Insurance Corporation (KSURE), and Export Development Canada (EDC), which participates for the first time inan offshore wind farm deal in Taiwan. About rsted in Taiwan The Greater Changhua 1 & 2a Offshore Wind Farm will be located 35-60 kilometers off the coast of Changhua County and have a capacity of approx. 900MW. The construction of the offshore wind farm will be finalized in 2022. In June 2018, rsted was awarded the right to build another 920MW offshore wind farm in Taiwan through its Greater Changhua 2b & 4 sites. Changhua 2b & 4 are to be built in 2025, subject to grid availability and rsted's final investment decision in 2023. rsted is also the biggest shareholder and co-owner of Taiwan's first commercial-scale offshore wind project, Formosa 1, which was extended from a capacity of 8MW to 128MW in 2019. As the world leader in offshore wind, rsted has installed more than 1,500 offshore wind turbines, with an installed offshore wind capacity accounting for one third of the world's total. rsted has installed approx. 7.6GW offshore wind capacity and has a further 2.3GW under construction, including Changhua 1 & 2a. In addition, rsted has secured the rights to build approx. 2.9GW offshore wind in the US, approx. 1.1GW in Germany, and approx. 0.9GW in Taiwan. It is rsted's ambition to install a total of 15GW offshore wind capacity worldwide by 2025. About rstedThe rsted vision is a world that runs entirely on green energy. rsted develops, constructs and operates offshore and onshore wind farms, solar farms, energy storage facilities, and bioenergy plants, and provides energy products to its customers. rsted ranks #1 in Corporate Knights' 2020 index of the Global 100 most sustainable corporations in the world and is recognized on the CDP Climate Change A List as a global leader on climate action. Headquartered in Denmark, rsted employs 6,120 people. rsted's shares are listed on Nasdaq Copenhagen (Orsted). In 2019, the group's revenue was DKK 67.8 billion (EUR 9.1 billion). Visit https://orsted.com/ or follow us on Facebook, LinkedIn,Instagram and Twitter. About CDPQCaisse de dpt et placement du Qubec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at June30, 2020, it held CAD333.0billion in net assets. As one of Canada's leading institutional fund managers, CDPQ invests globally in financial markets, private equity, infrastructure, real estate and private debt. For more information, visit cdpq.com, follow us on Twitter @LaCDPQor consult our Facebook or LinkedInpages. About Cathay Private EquityCathay Securities Investment Trust (Cathay SITE) is the largest domestic asset management firm in Taiwan. Since FSC's approval of Securities Investment Trust Enterprises to conduct Private Equity Funds business in August of 2017, Cathay SITE established a wholly owned subsidiary Cathay Private Equity Ltd. Co. to serve as the General Partner, begin its fundraising activities and appoint the Private Equity Investment Team of Cathay SITE to manage the Fund. "Cathay Sustainable Private Equity Fund Limited Partnership" was launched in December 2018, the first fund with an LP structure raised in Taiwan that focuses on infrastructure and "Five-Plus-Two Innovative Industries." The Fund invests 100% of its capital domestically, targeting key industries in Taiwan's sustainability development: Circular Economy (e.g., reuse of waste), Renewable Energy (e.g., solar and wind power), and the "Five-Plus-Two Innovative Industries" (e.g., IoT, longterm care, new agriculture) supported by the government. All investments are environmentally sustainable, follow long-term trends, and fulfill necessities. The Fund expects to provide stable returns over long periods, suitable for long-term capital investments for insurance companies or retirement planning. SOURCE Caisse de dpt et placement du Qubec Related Links https://www.cdpq.com/

Answer: rsted brings in renowned investors, CDPQ and Cathay PE, for Greater Changhua 1 Offshore Wind Farm