DONG Energy acquires 35% ownership in Taiwan's offshore wind project Formosa I

Swancor Renewable will stil lead the project.

DONG Energy has signed an agreement to acquire a 35% ownership interest in the Taiwanese offshore wind project Formosa I from local developer Swancor Renewable. 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. Macquarie Capital will work closely with DONG Energy and Swancor Renewable to complete the development and construction of the project.

With DONG Energy and Macquarie Capital together with Swancor Renewable, Formosa I will leverage their respective expertise to collaborate on the design, investment, engineering, procurement and construction (EPC), operation and maintenance (O&M) and financing. The combination of the three companies will help to bring a strong partnership to the Taiwan offshore wind energy market.

Apart from its engagement in Formosa I, DONG Energy is currently developing four offshore wind sites in the Changhua area. 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.