Tokio-headquartered Mitsui & Co., Ltd.has completed all necessary procedures to enter into a definitive agreement to acquire a 50% share of Yushan Energy Taiwan Co., from Singapore’s Yushan Energy Co., a subsidiary of Enterprize Energy Group.
Yushan Energy Taiwan holds a 40% stake in the Hai Long offshore wind development currently underway in Taiwan, alongside Canadian partner Northland Power Inc.
Mitsui & Co. acquired a 20% interest in the project by acquiring a 50% stake of Yushan Energy Taiwan, and plans to develop, construct, and operate the 1,044MW offshore wind farm 30-50km off Taiwan together with Northland Power and Yushan Energy.
Once the final investment decision scheduled for after 2021 is made, commercial operations will launch by 2025, and all electricity generated from the plant is to be sold to Taiwan Power Company over a 20-year period.
Taiwan is aiming to increase its ratio of electricity generated from renewable energy to 20% by 2025. Plans are in place to introduce a total capacity of 5.5GW from offshore wind power generation; 3.8GW up until 2024, and an additional 1.7GW on or after 2025.
As well as contributing to Taiwan’s renewable energy introduction plans, this project will contribute to the development of related local industries, Mitsui said.