TotalEnergies has announced a joint venture (JV) partnership with Corio Generation, a Green Investment Group (GIG) portfolio company, to develop the 2GW Formosa 3 offshore wind project in Taiwan.
As per the terms of the agreement, Corio Generation will continue to hold the majority stake in the offshore wind project with an overall 50% plus 10 shares. The company will also be the lead developer of the Taiwanese offshore project.
To be located in Changhua County on the central-western coast of Taiwan, the Formosa 3 offshore wind project includes three proposed wind farms namely, Haiding 1, 2, and 3.
The Taiwanese offshore wind project secured environmental impact assessment (EIA) approvals in 2018.
Once fully operational, the Formosa 3 project is expected to produce adequate clean energy to power nearly 1.5 to two million households in Taiwan.
The partnership announcement follows the Taiwan Bureau of Energy’s confirmation that Formosa 3’s Haiding 2 wind farm has been awarded 600MW grid capacity following the first phase of Taiwan’s Round 3 auctions.
The confirmation was made in late December 2022.
TotalEnergies renewables senior vice-president Vincent Stoquart said: “We are very pleased to team up again with our strategic partner Corio, this time to develop offshore wind in Taiwan. This marks a new step toward supporting Taiwan’s energy transition, bringing sustainable, low-cost energy to the country.
“It also demonstrates our dedication to build up our global multi-energy business model through a series of investments to grow our worldwide renewable portfolio from 17 GW in 2022 to 35 GW in 2025, in line with our ambition to be one of the top 5 renewables developers by 2030.”
According to the companies, the development of the wind farm is expected to support Taiwan’s plans for green energy transition.
Corio Generation CEO Jonathan Cole said: “Corio has one of the largest offshore wind project portfolios worldwide with more than 20 GW in development. As a transformative source of clean and reliable energy, we believe offshore wind offers huge benefits to Taiwan’s communities and economy.
“The Formosa 3 windfarms will support job creation and provide many opportunities for local businesses to participate in the green energy transition.”
The JV agreement between TotalEnergies and Corio Generation is subject to the receipt of necessary regulatory approvals from concerned authorities.
