JERA to acquire 49% stake of 376 MW Formosa II offshore wind project in Taiwan

JERA Co., Inc. (JERA) has entered into an agreement with Macquarie Capital (Macquarie) to acquire an equity interest in an additional offshore wind power project in Taiwan. JERA will be acquiring 49% equity interest of the project with support from Development Bank of Japan Inc. and will play a key role as a major shareholder. Completion of the transaction is subject to regulatory approvals.

The 376 MW Formosa 2 project, located off the coast of Miaoli County, is preparing to commence construction from this October to install 47 wind turbines, with the expectation to reach commercial operation by the end of 2021. After JERA becomes the scheme’s majority shareholder, Macquarie will hold a 26% stake, while its partner Swancor Renewable Energy Co will own 25%.

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.