JERA Co agrees to acquire 32.5% interest in Formosa 1 offshore wind project from Macquarie Capital and Swancor

JERA Co has entered into an agreement with Macquarie Capital and Swancor to acquire a combined 32.5% equity interest in the Formosa 1 offshore wind power project, located off the north-western coast of Taiwan. 

The 128 MW Formosa 1 project represents Taiwan’s first utility-scale offshore wind farm. The first phase of 8 MW has been successfully operated for over 18 months, with the additional 120 MW under construction expected to start operations in late 2019. The project has secured the support of Taiwan Power Company under a 20-year Power Purchase Agreement based on the FIT (Feed in Tariff) scheme. 

To date, Macquarie Capital, Swancor and Ørsted have used their knowhow and experience in Europe and Taiwan to develop the project. Macquarie Capital and Swancor will continue as shareholders, and the four shareholders together will focus on achieving to start operations of the first offshore wind farm in Taiwan by the end of 2019.

The Formosa 1 project, together with the Gunfleet Sands project in the U.K., in which JERA has today also announced its participation, is the first project for JERA to take part in the offshore wind power business.