DONG Energy has signed an agreement to acquire a 35% ownership interest in Taiwan's first commercial offshore wind farm from local developer Swancor Renewable.
Formosa I comprises two phases. Phase I has a total capacity of 8MW and consists of two turbines that were successfully installed in October 2016. In Phase II, a further 120MW of capacity is planned to be constructed during 2019, subject to final investment decision. Formosa I is about 3km off the Coast of Miaoli County in North-West Taiwan.
Apart from its engagement in Formosa I, DONG Energy is currently developing four offshore wind sites in the Changhua area, Taiwan. The four projects are expected to have a total capacity of at least 2GW and are due to start construction in 2021-2024, subject to environmental impact assessment and final investment decision.
Completion of the transaction is subject to a number of conditions precedent including approval from the EU and from the Investment Commission under Taiwan’s Ministry of Economic Affairs.
The new owners of Formosa I are DONG Energy (35%), Macquarie Capital (50%), and Swancor Industries (15%). While DONG Energy will provide advisory services, Swancor Renewable will continue to lead the project through site development and construction.
Samuel Leupold, Executive Vice President and CEO of DONG Energy Wind Power, says: “We look forward to engaging in Formosa.”