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.”
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
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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