Macquarie’s Green Investment Group (GIG) and EnBW Energie Baden-Württemberg AG (EnBW) have reached an agreement with JERA Co Inc (JERA), one of the largest public utilities in Japan, to join the partners in the development of the Formosa 3 offshore wind farm in Taiwan. JERA now holds 43.75% of the project, with both GIG (31.25%) and EnBW (25%) retaining material stakes and remaining committed to Formosa 3’s ongoing development.
Formosa 3 is an offshore wind project in Changhua county off the central-western coast of Taiwan. It’s comprised of three separate sites, with a total potential capacity of 2GW. GIG and EnBW have been developing the project to date and intend to pursue capacity in Taiwan’s next round of grid allocations, expected in 2020. Formosa 3 achieved its Environmental Impact Assessment approval in 2018.
JERA’s entry into Formosa 3 further extends its productive relationship with GIG formed in Taiwan through their partnerships on the Formosa 1 and Formosa 2 offshore wind projects. Both projects have successfully reached major milestones recently, with the completion of Formosa 1 – Taiwan’s first commercial scale offshore wind farm – and the commencement of construction on Formosa 2.
Together, JERA, GIG and EnBW are committed to building a partnership that will develop Formosa 3 according to international best practices whilst supporting effective localisation and further advancing Taiwan’s green energy ambitions.
Each partner brings a complementary set of strengths to the project: GIG is a world-leading investor and developer of green infrastructure assets with significant experience in Taiwan; EnBW is a highly experienced global developer and operator of offshore wind assets; while JERA, one of the largest public utilities in Japan, brings a long history of activity in Taiwan and significant experience in developing power generation assets across the globe.
Mark Dooley, Global Head of Macquarie’s Green Investment Group said:
“GIG and JERA have established a strong and successful relationship in Taiwan’s offshore wind market, and we’re delighted to further deepen that partnership through Formosa 3. Partnership working is key to GIG’s development approach, bringing together international and local expertise to support local economies and create world class developments. Taiwan is fast becoming Asia’s foremost offshore wind market. We’re extremely proud that through Formosa 3, and our work on a range of renewable energy technologies, our Taipei-based team are playing a key role in Taiwan’s green energy transition.”
Dirk Güsewell, Head of Generation Portfolio Development at EnBW said:
“EnBW is looking forward to JERA joining us in the Formosa 3 project. We are convinced that Formosa 3 will benefit from JERA’s local expertise and experience as project partner of Formosa 1 and 2. EnBW has more than 10 years’ experience in offshore wind energy, being a pioneer and driving force in Germany. Together with our partners, we aim to develop Taiwan’s largest offshore wind farm. Taiwan is currently the lead market in Asia Pacific, and we are very honoured to support Taiwan’s Energy Transition process and the local supply chain to become competitive in the region.”
Satoshi Yajima, Executive Officer of JERA’s Business Development Department said:
“We are flattered to deepen our relationship with Macquarie’s Green Investment Group following the Formosa 1 and 2 offshore wind projects, and newly with EnBW through the participation in the Formosa 3 project. In line with JERA’s vision of becoming a global leader in LNG and renewables toward 2025, we are extremely honoured to be contributing to the sustainable growth of Taiwanese power market by utilizing our long track record in the power sector all over the world.”
