Pine Wind Power to acquire stake in Formosa offshore wind farm

This marks J&V Energy's first operational wind farm investment in Taiwan.

Pine Wind Power Co., Ltd (Pine Wind) has signed an agreement to acquire Macquarie Asset Management’s 26% equity and debt interest in Formosa 2 International Investment Co., Ltd, a 376 megawatt (MW) offshore wind farm off the coast of Miaoli County in Taiwan.

In a statement, parent company J&V Energy said the acquisition will be supported by capital commitments from its partners, Taiwan Life Insurance Co Ltd and He Jun Energy Co Ltd. JV Asset Management Co Ltd will also provide long-term asset management services to its partners.

The Formosa 2 project has been connected to the grid since March 2023, supplying power to approximately 380,000 households per year. Macquarie developed the wind farm in partnership with JERA and Synera Renewable Energy.

This transaction marks J&V Energy's first operational wind farm investment in Taiwan and comes on the back of its previous experience developing and investing into wind farms in Taiwan including Formosa 4 and 5, and Huan Yang Offshore Wind Farm.