Cathay Life has been jointly investing in Galaxy Energy with AU Optronics since 2014. In 2016, we initiated a model for joint ventures with solar energy service providers in the form of special projects. Under this model, we have successively formed joint investments in the following companies: Taixu Energy (with Sino-American Silicon Products); Xinritai Co., Ltd. (with Neo Solar Power); and Solar Master Energy (with Power Master Group), thus promoting solar power industrial clusters and setting an example for other companies in the insurance industry. As of the end of 2020, the total investment approved by the Financial Supervisory Commission amounted to NT$3.436 billion.
CUB began integrating resources, establishing research teams, and building a dedicated power plant evaluation model in 2011 to provide guidelines for financing assessment. Today, CUB is one of the largest banks that provide solar power financing in Taiwan. In 2020, CUB has financed 182 solar sites in Taiwan with a total installed capacity of 57,976.42 kW. As of the end of 2020, CUB had financed over 2,200 domestic and foreign solar power plants with a total installed capacity of 574MW, reducing CO2 emission by nearly 330 thousand metric tons, which is roughly 866 times the carbon absorption of Da'an Forest Park.
Furthermore, CUB completed the first offshore wind power syndicated loan in Taiwan – the "Formosa I Offshore Wind Project" with a total installed capacity of 128 MW and is expected to generate 430 million kWh per year, reducing CO2 emissions by 236 thousand metric tons, which is roughly 607 times the carbon absorption of Da'an Forest Park. In 2020, CUB served as the negotiating bank, credit management bank, and collateral management bank for the financing project for 50% equity of Ørsted's Greater Changhua Offshore Wind Farm SE, which has an installed capacity of 605 MW, and expects to complete financial close in the second quarter of 2021. After winning the Award of Excellence in the "Banking and Finance Best Practice Award – Best Green Project Financing Award" in 2018 for its excellent project financing results, CUB once again won the Award of Excellence in 2020, and is the only winner of the Award of Excellence since the awards were first established.