New York–based Stonepeak Infrastructure Partners has signed a deal to purchase the majority stake in Swancor Renewable Energy (SRE), a subsidiary of Taiwan-based chemical company Swancor.
The transaction transfers a 95 percent stake in the renewable energy arm to Stonepeak. Swancor will retain a 5 percent stake and a seat on the board, according to media sources.
The transaction could fetch anywhere between $26 million and $101 million.
SRE owns a 25 percent stake in Formosa 2 and Formosa 3, two Taiwanese offshore wind farms designed to operate 378 megawatts and 1,900 megawatts of wind power, respectively.
Swancor currently owns 7.5 percent of the 8 Formosa 1, Taiwan’s first offshore wind project, after selling its majority stakes to JERA, Macquarie and Orsted between 2017 and June 2019, according to Inframation.
Swancor had originally intended to sell its renewable subsidiary to a European or North American energy company by the end of June, but postponed in order to attract more buyers, according to Recharge News.
The decision to sell may have been spurred by SRE’s failure to secure any capacity from Taiwan’s 1.7-gigawatt offshore wind competitive tender for the planned Formosa 3 project, according to Inframation. The move could also be influenced by lack of funding to support the offshore wind projects.
