TAIPEI (Taiwan News) — Denmark’s Orsted plans to focus its investments on Taiwan and South Korea, where it already has projects, rather than expanding into new Asian markets, Reuters reported Monday.

The world’s largest offshore wind developer has faced rising costs, supply chain challenges, and waning investor confidence, causing its market value to drop by about 80% since its 2021 peak, the report said.

“I think our main focus is now to double down on the key markets that we have chosen to win in,” said Per Mejnert Kristensen, Orsted’s Asia-Pacific president, speaking to Reuters at the Energy Asia 2025 conference in Kuala Lumpur, Malaysia.

The company recently withdrew its previous 2030 target of 35-38 GW for installed renewable capacity. Orsted CEO Rasmus Errboe now faces the dual challenge of restoring investor trust and adjusting to shifting offshore wind industry dynamics.

Kristensen noted Taiwan’s attractive conditions for offshore wind, including strong wind resources, shallow waters suitable for fixed-bottom turbines, and clear government policies that created investable project frameworks.

While other Asian countries show ambition for offshore wind, Kristensen noted many have yet to establish commercially viable frameworks to attract funds. “We need to see clearly investable projects,” he added.

Orsted operates 10 GW in offshore wind capacity, including 0.9 GW in Taiwan. In 2023, it contributed NT$105.6 billion (US$3.57 billion) for the Greater Changhua offshore wind farm project, the largest investment in Taiwan’s offshore wind sector.