Total acquires share of Taiwanese offshore wind farm

In: Windfarms
29/04/2021
Total has signed an agreement with wpd to acquire a 23% interest in Yunlin Holding GmbH, the owner of Yunlin offshore wind farm located off the coast of Taiwan, around 200 kilometers southwest of Taipei. For this acquisition of a 23% interest, Total will pay to wpd a consideration based on its share of past costs.  

The project, currently under construction, represents production capacity of 640 MW and has secured from a 20-year guaranteed-price power purchase agreement (PPA) with the state-owned company Taipower of USD 250/MWh for the first 10 years and USD 125/MWh for the following 10 years.

Located around 10 kilometers offshore at water depths ranging from 7 to 35 meters, the wind farm will comprise 80 wind turbines with a unit capacity of 8 MW. Construction is scheduled to be completed in 2022. Once online, the project will produce 2.4 terawatt hours (TWh) of renewable electricity per year, enough to serve the power needs of 605,000 households.
 

Procurement of the main components has been finalised and marine works are under way. The project reached a major milestone with the installation of the first wind turbine on April 23.


“This agreement provides Total with an opportunity to gain a foothold in one of Asia’s main offshore wind markets and strengthens the Group’s position in this fast-growing segment, in line with its strategy of profitable development in renewables worldwide,”
said Stéphane Michel, President Gas, Renewables & Power at Total. “Taiwan has been a pioneer in developing offshore wind power in Asia, and we are proud to contribute to the transformation of its energy mix. We are delighted to enter into this first partnership with wpd, one of the leading independent developers of offshore wind power.”


The project is currently 48%-owned by wpd, 25% by EGCO (Electricity Generating Public Company Limited) and 27% by a consortium of Japanese investors led by Sojitz (Sojitz Corporation, ENEOS Corporation, Chugoku Electric Power, Chudenko Corporation and Shikoku Electric Power).
 

The acquisition, which is subject to government approval, will broaden the Group’s portfolio of offshore wind projects under development and construction, that currently represents a cumulative capacity of about 5.5 GW.
 


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