New investor joins Yunlin project

by Tom Russell in Windfarms 23/12/2019 Electricity Generating Public Company Limited

Thailand headquartered power company Electricity Generating Public Company Limited (EGCO Group) has announced its first investment in an offshore wind farm. The company has decided to purchase 25% ownership interest in the Yunlin offshore wind farm located off the coast of Taiwan.

Greenwing Energy B.V., a wholly owned subsidiary of EGCO, entered into a share purchase agreement to acquire a 25% ownership interest in Yunlin Holding GmbH owned by Taiwan Offshore Holding GmbH on December 19, 2019. This investment was approved by the Board of Directors of EGCO on November 22, 2019. The Transaction is expected to be closed in the first quarter of 2020, subject to completing all closing conditions including consent by Taiwanese authorities.

Mr. Jakgrich Pibulpairoj, President of EGCO Group commented: “This investment represents a unique and important opportunity for EGCO Group to expand its footprint in a new and growing renewable market in the Asia Pacific region. The Project is expected to support the Company’s growth momentum while offering compelling long-term returns for shareholders. Moreover, the Project represents the Company’s first successful investment in Taiwan which will provide a strategic platform for the future growth.”

Yunlin is one of largest offshore wind farms being developed in Taiwan and is expected to have total capacity of 640 MW. Siemens Gamesa Renewable Energy has been named turbine supplier and is to deliver 80 of its SG 8.0-167 DD  wind turbines, which have a rated capacity of 8.0 MW and a rotor with a 167-metre diameter. Siemens Gamesa is also to support the project under a 15-year long-term service agreement for the turbines. Offshore construction is expected to kick off if March 2020.

Earlier this month project secured Power Purchase Agreements (PPA) with Taiwan Power Company for each of its two phases. Through these PPAs, the project secured a fixed 20-year feed-in-tariff for the sale of electricity. Commissioning is planned to will occur in phases, with phase 1 comprising 352MW scheduled for completion in the 4th quarter of 2020, and phase 2 comprising 288MW scheduled for completion in the 3rd quarter of 2021.  

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