Swancor Renewable Energy announced on September 22 that it intends to develop a 4.4GW offshore wind project off the coast of Taiwan’s Miaoli County. This project, which is named Formosa 4, represents the latest and most ambitious undertaking by the Taiwan-based firm. Once completed, Formosa 4 will supply enough electricity to meet the demand of 4.5 million households. Swancor told local media that it already submitted its proposal to the Environmental Protection Administration (EPA) in the week of the announcement.
The capability along with the willingness to develop an offshore wind project of this massive scale is made possible by the financial backing from Stonepeak Infrastructure Partners, a US-based investment firm that is now a major stakeholder in Swancor. Located about 18-20km off the coast of Miaoli County, Formosa 4 is further divided into three sites: Formosa 4-1 (also known as Haifeng), 4-2 (Haishuo), and 4-3 (Haisheng). Since the entire project will be situated in deep waters, Swancor is considering the deployment of both bottom-fixed and floating wind turbines.
The project will first have to pass an environmental impact assessment review. After the EPA gives the greenlight, Swancor will then have to obtain various permits from the relevant authorities, finalize the project contract, and secure the required financing before it can begin construction. According to Swancor’s timetable, the project will be completed in 2025.
The 128MW Formosa 1 is Taiwan’s only operational offshore wind farm at this moment. Swancor jointly developed this project with several domestic and foreign entities. Swancor is also involved in the 376MW Formosa 2 that is now under construction. Lucas Lin, CEO of Swancor Renewable Energy, said that his team began the preparation for Formosa 4 as early as 2019. Lin pointed out that this huge project will cement Swancor’s position as one of the major players in the region’s offshore wind sector. Moreover, it will make a significant contribution to the formation of the related supply chain in Taiwan.
Swancor Renewable Energy was formerly a subsidiary of chemical and material supplier Swancor Holding. In June 2019, Stonepeak Oceanview Holding (the parent company of Stonepeak Infrastructure Partners) acquired a 95% stake in the company for an estimated sum that ranges between US$25 million and US$101 million. Following this deal, Swancor Holding has been focusing on its business that provides composite materials for wind turbines, while Swancor Renewable Energy continues to devote itself in building local offshore wind farms.
(Photo credit: Swancor Renewable Energy.)
