Major offshore wind and renewable energy players TotalEnergies and Corio Generation have joined forces to develop the Formosa 3 project in Taiwan. Under the joint venture agreement, Corio will hold the position of lead developer and majority shareholder with a stake of 50 percent plus 10 shares in the project.
The joint venture agreement follows confirmation by the Taiwan Energy Bureau that Formosa 3’s Haiding 2 wind farm had been awarded 600MW of grid capacity following the first phase of the third auctions round the country
The Formosa 3 project includes three proposed wind farms, Haiding 1, 2 and 3, in Changhua County on Taiwan’s west-central coast. The project received Environmental Impact Assessment (EIA) approval in 2018, with an EIA-approved capacity of around 2 GW.
The development of the wind farm is expected to contribute to Taiwan’s ambitious plans for the transition to green energy and represent a multibillion-dollar investment by the project’s partners and lenders until the end of construction. Future investments will be made in proportion to the partners’ participation in the project.
“We are very pleased to once again team up with our strategic partner Corio, this time to develop offshore wind in Taiwan. This marks a new step towards supporting Taiwan’s energy transition, providing sustainable and low-cost energy cost to the country. It also demonstrates our dedication to building our global multi-energy business model through a series of investments to grow our renewables portfolio worldwide from 17 GW in 2022 to 35 GW in 2025, in line with our ambition to be one of the top 5 renewable developers by 2030,” said Vincent Stoquart, Senior Vice President of Renewables at TotalEnergies.
“Corio has one of the largest portfolios of offshore wind projects in the world with more than 20 GW under development. As a transformative source of clean and reliable energy, we believe offshore wind delivers huge benefits to communities and the economy of Taiwan. The Formosa 3 wind farms will support job creation and provide many opportunities for local businesses to participate in the transition to green energy,” said Jonathan Cole, CEO of Corio Generation.
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