Innogy Enters Taiwan’s Offshore Wind Market Through Strategic Local Partnership

Source Company Press Release
Company Innogy SE
Tags Country: Taiwan, M&A: Asset Deal, Deals, Renewables: Renewables News, Segment: Power
Date April 02, 2020

Agreement signed with Asia Cement Corporation to further develop up to 448MW Chu Feng offshore wind project

innogy, one of Europe’s leading energy companies, has partnered with Asia Cement Corporation to continue the development of a major offshore wind project off the coast of Taiwan. The two companies have agreed a strategic partnership to further develop the Chu Feng offshore wind project, which intends to participate in the next grid allocation round in Taiwan. With a planned installed capacity of up to 448 megawatt (MW), it will be located off the northwest coast of Taiwan near Hsinchu City, in the wind-rich Taiwan Strait.

innogy opened a local office in Taipei in 2018 to drive its business in Taiwan and the wider Asia-Pacific region with a target to build up regional knowledge and expertise by joining forces with local partners. The partnership for the Chu Feng offshore wind project is a perfect strategic fit for innogy and another milestone in capturing value accretive growth options in the field of offshore wind.

Sven Utermöhlen, Senior Vice President Renewables Operations Offshore at innogy SE, explained: “The government has plans to considerably increase the role of offshore wind energy in Taiwan’s electricity production. The Chu Feng project will enable us to enter this growing market with a strong local partner at our side, whose local expertise complements our global experience and technical know-how, and who share our ambition to drive the growth of offshore wind in Taiwan.”

Henry Wu, the CEO of the Chu Feng Preparatory Office, stated: “We are pleased that innogy, with their extensive offshore wind experience, are on board with us in the development of the Chu Feng offshore wind project. The Far Eastern Group is committed to develop green energy to reduce our carbon footprint and support the government in meeting its renewable energy targets, and have ambitions to grow our wind power business in Taiwan.”

Source: EvaluateEnergy® ©2024 EvaluateEnergy Ltd