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October 30, 2019updated 08 Jun 2020 3:01pm

Macquarie’s GIG achieves financial close for Formosa 2 wind farm

Green Investment Group (GIG), a global platform created by Macquarie Capital, has reached financial close for the Taiwan’s Formosa 2 offshore wind farm.

Green Investment Group (GIG), the global platform created by Macquarie Capital, has reached financial close for Taiwan’s Formosa 2 offshore windfarm.

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Jointly developed by Macquarie Capital (75%) and Swancor Renewable Energy (25%), the 376MW offshore windfarm will be built off the coast of Miaoli.

GIG global head Mark Dooley said: “We are delighted to announce Formosa 2’s financial close, the project marks another important step in Taiwan’s renewable energy transition.

“GIG is committed to supporting Taiwan in achieving its green energy ambitions and, together with Formosa 1 and Formosa 3, our projects could deliver up to 2.5GW of offshore wind energy.

“Taiwan is fast becoming Asia’s foremost offshore wind market and we are proud to be playing a leading role in its offshore wind story.”

The TWD62.4bn ($2.05bn) project will be financed by a consortium comprising 20 international and local Taiwanese financial institutions.

Once completed, Formosa 2 is expected to generate enough clean energy to power 380,000 households in the region per year. It will also offset 18,750kt of carbon emissions in its lifetime.

Formosa 2 project director Kimberly Cram said:  “As Formosa 2 progresses through its construction phase it will benefit from the collaboration of both local and international contractors during the works.

“Fortune Electric will deliver the onshore infrastructure required to connect the project to the local electricity network, Jan de Nul will deliver the foundations and offshore cables and Siemens Gamesa will deliver the wind turbines.”

Spanish wind turbine manufacturer Siemens Gamesa Renewable Energy (SGRE), which signed a 20-year full-service agreement, will also supply and install 47 SG 8.0-167 DD offshore wind turbines at Formosa 2 site.

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How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
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