Danish company DONG Energy and Australian investment firm Macquarie Capital have signed an agreement to acquire 35% and 50% ownership interest respectively in the 128MW Taiwanese offshore wind project, Formosa 1.
The two companies will purchase their shares in Formosa 1 offshore wind project from local Taiwanese developer Swancor Renewable, which will hold the remaining 15% stake in the project.
Swancor Group chairman and CEO Robert Tsai said: “As a pioneer of Taiwan offshore wind development, we try to integrate international experience with local expertise.
“It’s our pleasure to have Macquarie and DONG Energy joining Formosa I. This remarkable partnership will help to push forward the delivery of this project.”
The three owners will work in close collaboration to complete the development and construction of the offshore wind facility.
Under the deal, DONG Energy will be responsible for providing advisory services, while Swancor Renewable will continue to lead the wind project through site development and construction.
DONG Energy windpower executive vice-president Samuel Leupold said: “The agreement demonstrates our commitment to the Taiwanese market and to the government’s offshore wind plans.
“We look forward to engaging in Formosa I and accelerating Taiwan’s first commercial-scale offshore wind project.”
Completion of the transaction is subject to several conditions, including approvals from the EU and Taiwan Investment Committee.
Located 3km off the coast of Miaoli County in north-west Taiwan, the Formosa 1 project comprises two phases. Phase I will have a total installed capacity of 8MW and Phase II will add a further power generation of 120MW.
Phase I features two turbines deployed in October last year, while Phase II is expected to be constructed in 2019.
Image: Wind turbines. Photo: courtesy of Steve Ralston / FreeImages.com.