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Milestones

Milestones

2019.10

  • The installation of 20 wind turbines of Formosa 1 Phase 2 which consists of 120MW had been completed and the wind farm officially entered commercial operation with a capacity of 128MW.
  • The share-holding structure of Formosa 2 was changed into JERA (49%), Macquarie’s Green Investment Group (26%) and Swancor Renewable Energy (25%).

2019.7

  • Swancor Holding sold 95% shares of Swancor Renewable Energy Co., Ltd. to the New York-based independent asset management firm Stonepeak Infrastructure Partners. Swancor Holding retains 5% shares of Swancor Renewable Energy and one board seat to ensure the inheritance of the experience of developing and building offshore wind farm in Taiwan.
  • Formosa 2, which will have a total capacity of 376MW, is also located off the shore of Miaoli County and is scheduled for completion in 2021. The shareholders of Formosa 2 are Macquarie’s Green Investment Group (75%) and Swancor Renewable Energy (25%).

2019.5

  • Formosa 1 Phase 1 has generated 55 million kW/h of electricity as of April 2019, powering the equivalent of 15,000 households.
  • The offshore construction of Formosa 1 Phase 2, which has the capacity of 120MW, officially started.

2018.12

  • Formosa 2 and the Taiwan Power Company signed the Offshore Wind Power Purchase Agreement which expands over twenty years since the day of first connection in accordance with Renewable Energy Development Act and Electricity Act.
  • Formosa 1 share-holding structure change: Ørsted (35%), JERA (32.5%), Macquarie Capital (25%) and Swancor Holding (7.5%).

2018.6

  • Formosa 1, the first commercial-scale offshore wind farm in Taiwan, reached financial close. The NTD 18.7bn 16-year project financing was completed by a financial consortium comprised of 11 local Taiwanese banks and international banks. It is the first offshore wind project financing in Asia.
  • This is the first project financing in Taiwan that is in accordance with the Equator Principle. It is completed by Cathay United Bank, Taipei Fubon Commercial Bank, EnTie Commercial Bank, KGI Bank, BNP Paribas, Crédit Agricole Corporate and Investment Bank, DBS Bank, ING Bank, MUFJ Bank, Société Générale and ANZ Banking Group. This is also the first financing of Denmark’s Export Credit Agency (EKF) in Taiwan.

2018.03

  • To fulfill the target of 520MW offshore wind capacity by 2020 set by the Taiwanese Government, SRE and Simens Gamesa Renewable Energy signed a MOU of wind turbines for Formsoa 2 Offshore Wind Farm.
  • Formosa 2 will generate 376MW of electricity per year, powering the equivalent of 380,000 households annually. The capacity of offshore wind farms in Taiwan will surpass 500MW after Formosa 2 is completed.

2017.12

  • Formosa 1 signed the Offshore Wind Power Purchase Agreement (PPA) with the Taiwan Power Company.
  • This marked the first offshore wind PPA of Taiwan, which is effective for twenty years since the day of first connection according to Renewable Energy Development Act and Electricity Act.

2017.04

  • Formosa 1 obtained the first offshore wind electricity enterprise license in Taiwan issued by the Ministry of Economic Affairs and officially started its commercial operation which set an important milestone of offshore wind development in Taiwan.
  • The power generated by the two turbines of Phase 1 is sufficient for the annual usage of 8,000 households, reducing the CO2 emission equaling the amount reduced by 40 Da’an Forest Park.

2017.1

  • Swancor Holding, Macquarie Capital and Ørsted (by the name “Dong Energy” at the time) signed the Formosa 1 Investment Agreement to jointly manage the wind farm. The share-holding structure is Ørsted (35%), Macquarie (50%) and Swancor Holding (15%).

2016.12

  • The Bureau of Energy, MOEA purchased 500,000 kW/hr of electricity from Formosa 1, which will reduce 264 tonnes of CO2 emission, equaling the amount reduced by 0.7 Da’an Forest Park.

2016.10

  • SRE team completed the turbine installation work of Phase 1 off the shore of Zhunan, Miaoli on 27th October 2016 solely by itself, marking a significant milestone in the history of Taiwan’s offshore wind development.

2016.5

  • Formosa 1 obtained a 5-year financing of NTD 2.5 billion from the joint loan consortium formed by Cathay Bank, Entie Commercial Bank, BNP Paribas Taipei Branch, to install the two wind turbines of Phase 1.

2015.8

  • SRE team spent four months to install the first meteorology mast for the first commercial-scale offshore wind project in Taiwan, Formosa 1, and the inauguration ceremony of the mast took place in Long-Feng Port in Miaoli County.

2015.1

  • The establishment of Swancor Renewable Energy Co., Ltd.

2013.4

  • SRE team officially involved in the development of Taiwan’s offshore wind sector.