Taiwan

Taiwan

JERA expands in Taiwan as first wind farm completed

Japanese energy group JERA has agreed to acquire a 49% stake in the 376MW Formosa 2 project being developed off the west coast of Taiwan, while the last turbine has been installed at the country's first large-scale offshore wind farm.

Turbine installation has been completed at Formosa 1 Phase 2 -- Taiwan's first first large-scale offshore wind farm (pic: Swancor)
Turbine installation has been completed at Formosa 1 Phase 2 -- Taiwan's first first large-scale offshore wind farm (pic: Swancor)

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JERA will acquire the stake from Australian investment firm Macquarie Capital, which will now own 26% of the 47-turbine project following regulatory approval.

The joint venture between Japanese utilities Tokyo Electric Power Company (Tepco) and Chubu Electric Power, said it would "play a key role as a major shareholder" in the project.

Formosa 2 Ownership %
JERA 49%
Macquarie Captial 26%
Stonepeak Infrastructure Partners 23.75%
Swancor 1.25%

It added it would secure a "substantial portion" of equity interest during the early construction phases of the project.

Formosa 2 is in line for a 20-year power purchase agreement with national utility Taipower under Taiwan's feed-in tariff scheme.

US investor Stonepeak Infrastructure Partners bought 95% of Taiwanese resin and composites company Swancor’s renewables unit in August, and with it, a 23.75% stake in Formosa 2. Swancor Holding now has a 1.25% stake in the wind farm.

JERA, meanwhile, established an operation base in Taiwan in 2019 having agreed to buy a 32.5% stake in the 120MW Formosa 1 Phase 2 project in December 2018.

It aims to be a "global leader" in liquefied natural gas and renewables by 2025, the company stated.

First project

Developer Swancor announced that all 20 turbines have now been installed at Taiwan’s first large-scale offshore wind farm Formosa 1 Phase 2.

Formosa 1 phase 2 Ownership %
Ørsted 35%
JERA 32.5%
Macquarie 25%
Swancor 7.5%

It added that since construction began in May 2019, four typhoons have hit the site off Miaoli county.

Formosa 1 Phase 2 consists of 20 of Siemens Gamesa’s SWT-6.0-154 turbines.

Swancor, which owns 7.5% of the project, expects the wind farm to be fully commissioned by the end of the year.

Ørsted (35%) and Macquarie Group (25%) hold the remainder of the project.

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