Taiwan takes the next step with Formosa 2 financial close

Siemens Gamesa Renewable Energy (SGRE) has been confirmed as the turbine supplier for the 376MW Formosa 2 wind farm off Taiwan, as the developers announce financial close on the project.

by Craig Richard 29 October 2019

Formosa 2 will be installed off Taiwan's north west coast (pic credit: Toby Oxborrow)

The TWD 62.4 billion ($2 billion) Formosa 2 project is backed by a consortium of 20 financial institutions, lead developer Macquarie Capital said.

Construction of Formosa 2, off Taiwan's north-west coast, is expected to begin in 2020 ahead of project commissioning in 2021.

Taiwanese company Fortune Electric will deliver the onshore infrastructure required to connect the project to the local electricity network, while Luxembourg-based offshore contractor Jan de Nul will install the foundations and offshore cables and Siemens Gamesa will supply the turbines.

It will consist of 47 SG 8.0-167 DD turbines — an order now confirmed after the manufacturer was  in June.

Siemens Gamesa has firm orders, or is a preferred supplier, for more than 2GW of turbines destined for installation in Taiwanese waters by 2022.

The project’s financial backing will also come from international and Taiwanese investors.

Formosa 2 is owned by a consortium of partners. The majority shareholder is Japanese energy firm Jera .

Macquarie Capital owns 26%, followed (23.75%) and local resin company Swancor (1.25%).

Formosa 2 was one of ten projects with a combined capacity of 3.8GW in 2018.

It will provide national utility Taipower with electricity under a secured as part of Taiwan’s feed-in tariff scheme.