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

30 October 2019 (Last Updated June 8th, 2020 15:01)

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

Macquarie’s GIG achieves financial close for Formosa 2 wind farm
Taiwan’s Formosa 2 offshore windfarm will feature 47 wind turbines. Credit: © Green Investment Group.

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

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.