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November 5, 2021

Formosa 4 Offshore Wind Project, Taiwan

By Carmen

Formosa 4 Offshore Wind Project is a 4,400MW offshore wind power project. It is planned in South China Sea, Taiwan. The project is currently in announced stage. It will be developed in single phase. Post completion of the construction, the project is expected to get commissioned in 2025.

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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
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Project Type Total Capacity (MW) Active Capacity (MW) Pipeline Capacity (MW) Project Status Project Location Project Developer
Offshore 4,400 4,400 Announced Taiwan J&V Energy Technology; Swancor Renewable Energy; Tien Li Offshore Wind Technology; Yeong Guan Energy Technology Group

Description

The project is being developed by J&V Energy Technology, Swancor Renewable Energy, Tien Li Offshore Wind Technology and Yeong Guan Energy Technology Group. The project is currently owned by Stonepeak Infrastructure Partners.

The project is expected to supply enough clean energy to power 4,500,000 households. The project cost is expected to be around $21,120m. The turbines will be mounted on a fixed type foundation.

Development Status

Post completion of the construction, the project is expected to get commissioned in 2025.

About Tien Li Offshore Wind Technology

Tien Li Offshore Wind Technology Co Ltd (TLOWT) develops, builds, and manages wind energy projects. It produces wind turbine blades, wind turbine molds. TLOWT is headquartered in Taipei City, Taipei, Taiwan.

About Yeong Guan Energy Technology Group

Yeong Guan Energy Technology Group Co Ltd (Yeong Guan) is engaged in the manufacture and sale of precision machinery. The group provides energy, injection molding, industrial machinery and medical products. The group’s related products include wheel hubs, gearboxes, bases, bearing seats, planetary supports, swing rings, twisted arms and other parts. Yeong Guan is also involved in the provision of services such as customer co-design, welding, and painting and assembling of parts. The group is the casting supplier of wind turbines, machine tools and other equipment’s. The group has its operations in Hong Kong, Thailand, the British Virgin Islands, Taiwan and China. Yeong Guan is headquartered in Taoyuan City, Taiwan.

Methodology

All power projects included in this report are drawn from GlobalData’s Power Intelligence Center. The information regarding the project parameters is sourced through secondary information sources such as electric utilities, equipment manufacturers, developers, project proponent’s – news, deals and financial reporting, regulatory body, associations, government planning reports and publications. Wherever needed the information is further validated through primary from various stakeholders across the power value chain and professionals from leading players within the power sector.

Related Companies

Free Report
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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

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