JERA buys 49% stake in 376MW Formosa 2 wind project in Taiwan

The project will have 47 turbines and will start operations end-2021.

JERA inked a deal with Macquarie Capital to buy a 49% stake in the 376MW Formosa 2 wind power project in Taiwan, an announcement revealed. This follows JERA’s participation in the Formosa 1 offshore wind project announced in December 2018.

The 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.

The project has secured the support of Taiwan Power Company under a 20-year power purchase agreement (PPA) based on the feed-in tariff (FIT) scheme.

The acquisition is supported by the Development Bank of Japan Inc., which will also play a key role as a major shareholder.

JERA has newly established an operation base in Taiwan to expand business activity and dispatch engineers to contribute to the project and to gain knowledge and experience in construction and operation of the offshore wind power generation.

JERA aims to further contribute to offshore wind projects by securing a substantial portion of equity interests from the early construction stage.