JERA, the joint venture between Japanese power utilities TEPCO and Chubu Electric, has signed an agreement with Macquarie’s Green Investment Group (GIG) and EnBW to buy a stake in the 1.9 GW Formosa-3 offshore wind project in Taiwan. Formosa-3 is now owned by JERA (43.75%), GIG (31.25%) and EnBW (25%). The project obtained its Environmental Impact Assessment approval in 2018 and partners will pursue capacity in Taiwan’s next round of grid allocations, expected in 2020.
The 2.4 GW Formosa offshore wind complex consists of Formosa-1 (120 MW), which entered commercial operation in January 2020, Formosa-2 (376 MW) expected for 2021, and Formosa-3 (1,900 MW). JERA has already acquired a 32.5% stake in Formosa-1 (35% Ørsted, 25% Macquarie and 7.5% Swancor) and a 49% stake in Formosa-2 (26% Macquarie and 25% Swancor).
As Taiwan aims to exit nuclear power by 2025, the country targets to develop 1.2 GW of onshore wind power by 2020, and 5.5 GW of offshore wind power by 2025.