Pine Wind Power Co., Ltd (Pine Wind) has reached an agreement to purchase a 26% equity and debt stake in Formosa 2 International Investment Co., Ltd. The wind farm, which has a capacity of 376 megawatts (MW), is located off the coast of Miaoli County, Taiwan. The seller in this transaction is Macquarie Asset Management, one of the original developers of the project.
The acquisition will be financed with contributions from Pine Wind’s investment partners, including Taiwan Life Insurance Co., Ltd and He Jun Energy Co., Ltd. In addition, JV Asset Management Co., Ltd will oversee the long-term management of the wind farm on behalf of its stakeholders. This transaction represents J&V Energy’s first involvement in an operational offshore wind project in Taiwan.
Formosa 2 has been supplying electricity to the grid since March 2023. The wind farm produces enough power annually to meet the energy needs of around 380,000 households. Originally, the project was developed by Macquarie in collaboration with JERA and Synera Renewable Energy, contributing to Taiwan’s growing offshore wind capacity.
J&V Energy has prior experience in Taiwan’s wind energy market, having previously been involved in the development of projects such as Formosa 4, Formosa 5, and the Huan Yang Offshore Wind Farm. The company continues to invest in Taiwan’s renewable energy sector as the region aims to increase its clean energy capacity.
Beyond Formosa 2, Taiwan has been developing several other renewable energy projects. The Changhua Offshore Wind Farm is another major project, with an installed capacity of 900 MW. Located in the Taiwan Strait, this wind farm is designed to provide power to hundreds of thousands of households while reducing greenhouse gas emissions.
Taiwan is also exploring solar energy, including initiatives like the Taipower Floating Solar Farm. This project involves installing solar panels on reservoirs to maximize land use while generating renewable energy. Additionally, Taiwan is developing energy storage projects to support the integration of intermittent renewable energy sources into the grid.
