Swancor developed Formosa 1, Taiwans’s first 8MW offshore wind demonstration project, and is also developing the pilot’s 120MW second phase, currently under construction, and a 376MW wind farm off Taiwan's west coast.
Swancor will retain a 5% equity stake in its renewable subsidiary following the transaction, ensuring its continued activity in Taiwanese offshore wind development.
The transaction is estimated to cost between $9.99 million to $85.47 million, according to a filing with the Taiwan Stock Exchange, the Taipei Times reported.
Swancor Renewable Energy has a 25% stake in Formosa 2 with Australian investor Macquarie holding the 75% majority stake.
The transaction means Swancor Holding will have a 1.25% stake in the project, while Stonepeak will have a 23.75% share.
The partners are developing the 120MW second phase of Formosa 1 and the 376MW Formosa 2 wind farm, both off the coast of Miaoli county in the west of the country.
It installed the first 6MW Siemens Gamesa turbine at Formosa 1 phase 2 in July, Swancor added.
Swancor said the development team for the projects remain unchanged, and both will be completed by the end of the year for Formosa 1 phase 2 and in 2021 for Formosa 2.
Stonepeak eyes Asia
Meanwhile, the acquisition marks New York-based Stonepeak’s first move into the south-east Asian renewable energy market.
As of June 2018, it managed assets worth more than $15 billion, mainly in renewable energy, infrastructure and communications in North America.
Stonepeak stated it plans to expand investment in Taiwan’s offshore wind power sector and also into renewable energy markets in Japan, South Korea and throughout south-east Asia.