TotalEnergies has signed a joint venture (JV) agreement with Corio Generation to develop the Formosa 3 offshore windfarm in Taiwan.
According to the JV, Corio will maintain its status as the majority shareholder with 50% plus 10 shares overall in the project.
The declaration followed the Taiwan’s Bureau of Energy report in late December 2022 stating that Formosa 3’s Haiding 2 windfarm had been successfully awarded 600 MW grid capacity following the first phase of Taiwan’s Round 3 auctions.
The Formosa 3 project, which received Environmental Impact Assessment (EIA) approval in 2018, consists of three proposed windfarms.
The windfarm development, which represents a multi-billion dollar investment from the partners and project lenders up until the end of construction, is anticipated to help Taiwan’s ambitious objectives for the green energy transition.
“We are very pleased to team up again with our strategic partner Corio, this time to develop offshore wind in Taiwan. This marks a new step toward supporting Taiwan’s energy transition, bringing sustainable, low-cost energy to the country. It also demonstrates our dedication to build up our global multi-energy business model through a series of investments to grow our worldwide renewable portfolio from 17 GW in 2022 to 35 GW in 2025, in line with our ambition to be one of the top 5 renewables developers by 2030,” said Vincent Stoquart, Senior Vice-President Renewables at TotalEnergies.
“We are thrilled to welcome TotalEnergies as our partner in building offshore windfarms in Taiwan. Our two companies have a longstanding relationship and strong track record in developing projects across Europe and Asia-Pacific and so we are absolutely delighted to be working together again in Taiwan” said Jonathan Cole, CEO of Corio Generation. “Corio has one of the largest offshore wind project portfolios worldwide with more than 20 GW in development. As a transformative source of clean and reliable energy, we believe offshore wind offers huge benefits to Taiwan’s communities and economy. The Formosa 3 windfarms will support job creation and provide many opportunities for local businesses to participate in the green energy transition.”
This agreement is subject to the receipt of applicable regulatory approvals from relevant authorities.