The European Commission has approved, under the EU Merger Regulation, the proposed acquisition of joint control over Formosa I offshore wind project in Taiwan by Macquarie, Ørsted, Swancor, and Japan’s utility JERA.
Formosa 1 is currently a joint venture between Ørsted (35% ownership), Taiwanese developer Swancor Renewable (15%), and Macquarie Capital (50%).
As reported, JERA agreed to acquire a combined 32.5% equity interest in the 128MW project offshore Miaoli county from Macquarie and Swancor.
The Commission concluded that the proposed transaction would raise no competition concerns as the wind farm will operate in Taiwan. The transaction was examined under the simplified merger review procedure.
After receiving the necessary regulatory approvals, the project will be owned by Ørsted (35%), JERA (32.5%), Macquarie Capital (25%), and Swancor (7.5%).
Once operational in late 2019, Formosa I will be Taiwan’s first utility-scale offshore wind farm. The 8MW Formosa 1 Phase 1 wind farm, comprising two Siemens 4MW wind turbines, has been operational since April 2017.
The Formosa 1 Phase 2 comprises 20 Siemens Gamesa 6 MW turbines. The wind farm is currently under construction.