Japan-based JERA Co. has struck a deal with Macquarie Capital to acquire a 49 percent stake in an offshore wind power project in Taiwan.
JERA will pay an undisclosed amount to participate in the 376-megawatt Formosa 2 project, located off the coast of Miaoli County. Construction, which includes the installation of 47 wind turbines, is expected to start this month.
Taiwan Power Co. has been contracted under a 20-year power purchase agreement.
The transaction follows JERA’s previous buy-in of a 32.5 percent stake in the 130-megawatt Formosa 1, Taiwan’s first commercial-scale offshore wind project, earlier this year. Last April, Siemens Gamesa Renewable Energy was contracted to supply an additional 120 megawatts of capacity for the second phase of Formosa 1’s development.
Formosa 2 is expected to reach commercial operation by 2021.