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The output of the 495 MW Formosa 4 offshore wind farm in Taiwan has been fully subscribed, according to its developer Synera Renewable Energy (SRE) Group, which signed three corporate power purchase agreements (CPPAs) this month.
“With this milestone, the ready-to-build Formosa 4 now calls for support from the government and local financial institutions to align credit support and project financing — critical to commencing construction and accelerating renewable energy deployment required for Taiwan’s sustainability goals and economic development”, SRE stated in a press release published on 30 December.
In early December, SRE signed a corporate power purchase agreement (CPPA) with Taiwan Smart Electricity & Energy. Since then, Formosa 4 has closed two additional CPPAs for the remainder of its output, one with a top-tier company and the other with a power services provider, SRE says.
“This achievement signals Taiwan’s urgent need for renewable energy, and we are proud to support local export-oriented industries with large-scale offshore wind power that strengthens their global competitiveness” , said Lucas Lin , Chairperson at SRE.
“We look forward to working under the government’s guidance to swiftly advance project financing. The government’s support to accelerate financing and credit guarantees is pivotal in enabling the project to commence construction and ensuring the timely delivery of green power essential for our corporate partners’ decarbonization goals and Taiwan’s sustainable future.”
SRE’s 495 MW Formosa 4 will be built approximately 20 kilometres off the coast of Miaoli County and will comprise 35 Siemens Gamesa 14 MW wind turbines .
The offshore wind farm secured capacity in the first round of Taiwan’s Phase 3 auction in 2022 and obtained an establishment permit in late 2024.