French energy major TotalEnergies and Corio Generation have signed a joint venture partnership to develop the Formosa 3 offshore wind farms in Taiwan.
Under the agreement, Corio, a portfolio company of Macquarie’s Green Investment Group (GIG), will remain the majority shareholder and lead developer with 50% plus 10 shares overall in the project.
The announcement comes after Taiwan’s Bureau of Energy confirmed in late December 2022 that Formosa 3’s Haiding 2 wind farm had been successfully awarded 600 MW grid capacity following the first phase of Taiwan’s Round 3 auctions.
The Formosa 3 project comprises three proposed wind farms Haiding 1, 2 and 3 in Changhua county on the central-western coast of Taiwan. The project received Environmental Impact Assessment (EIA) approvals in 2018, with an EIA-approved capacity of around 2 GW.
Other projects developed by TotalEnergies and Corio include the 2 GW West of Orkney wind farm project in Scotland; the 1.5 GW Outer Dowsing offshore wind project in England, UK; over 2 GW of floating wind projects in South Korea and floating wind tenders in France.
The TotalEnergies – Corio tie-up confirms recent reports that Japanese utility JERA will be exiting the Formosa project by selling its 43.75% stake.
