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Taiwan takes the next step with Formosa 2 financial close

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 named as preferred turbine supplier 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 with a 49% stake.

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

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

It will provide national utility Taipower with electricity under a 20-year power purchase agreement secured as part of Taiwan’s feed-in tariff scheme.

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