- Pine Wind Power acquires a 26% stake in Taiwan’s Formosa 2 offshore wind farm, strengthening its position in the renewable energy market.
- The Formosa 2 wind farm, operational since 2023, generates 376 MW, powering 380,000 households with 47 Siemens Gamesa turbines.
- Backed by Taiwan Life Insurance and He Jun Energy, Pine Wind aims to expand its offshore wind projects, aligning with Taiwan’s renewable energy goals.
Pine Wind Power Company Limited, a subsidiary of J&V Energy, acquired a 26% stake in Taiwan’s Formosa 2 offshore wind farm. Macquarie Asset Management, the original investor, sold the shares as part of the deal.
Formosa 2, located off Miaoli’s coast, began operations in March 2023. The wind farm generates 376 megawatts of power using 47 Siemens Gamesa 8 MW turbines, supplying electricity to 380,000 Taiwanese households. JERA and Synera Renewable Energy, two industry leaders, initially developed the project.
The acquisition strengthens Pine Wind Power’s role in Taiwan’s growing renewable energy market. Backed by Taiwan Life Insurance Co., Ltd. and He Jun Energy Co., Ltd., Pine Wind Power ensured financial support for the deal. The move aligns with J&V Energy’s broader strategy to expand its renewable energy portfolio.
Kai Tan, Deputy CEO of J&V Energy, emphasised the stable financial returns of long-term contracts with Taipower, Taiwan’s state utility. He pointed out that these secure cash flows attract investors seeking stability during global economic uncertainty. Pine Wind’s investment in Formosa 2 sets the foundation for future growth.
Taiwan’s energy policy prioritises offshore wind power as part of its shift to renewable energy. Local and international investors have shown increasing interest in the sector. Pine Wind’s acquisition highlights the growing trend of offshore wind becoming a key part of Taiwan’s energy transition.
The transaction between Macquarie and Pine Wind Power reflects a common strategy in the renewable energy industry. Developers like Macquarie lead significant projects and later sell shares to local investors who can manage them long-term. This approach allows international firms to bring expertise while local investors provide stability and long-term commitment.
Edward Northam, Head of Renewable Energy at Macquarie, stated that this model combines global infrastructure development with local investor participation. Macquarie played a pivotal role in advancing offshore wind development in Taiwan. The involvement of local capital, such as Taiwan Life and He Jun Energy, ensures Formosa 2’s success over time.
Pine Wind Power’s investment builds on Taiwan’s growing offshore wind sector. J&V Energy, already working on Formosa 4, Formosa 5, and Huan Yang wind farms continues to increase its presence. Pine Wind plans to leverage its experience in these projects to strengthen its position in Taiwan’s offshore wind market.
This acquisition demonstrates Pine Wind Power’s commitment to Taiwan’s renewable energy goals. With the offshore wind sector expanding, Pine Wind is poised to play a significant role in Taiwan’s clean energy future.