Renewable energy consultancy and service provider Natural Power has acted as technical advisor to a consortium of Japanese investors for the agreement to acquire a 27% stake in the 640MW Yunlin offshore wind project in Taiwan.
As reported earlier, Starwind Offshore GmbH, a German holding company established jointly between the Japanese companies Sojitz; JXTG Nippon Oil & Energy Corporation; The Chugoku Electric Power and Chudenko Corporation (C&C); and Shikoku Electric Power, signed a share purchase agreement with wpd for the 27% stake in the project.
The transaction will see Sojitz and its consortium participate as a co-owner in the project right through construction and into operations for the wind farm. The project will sell power to Taiwan Power Company over a 20-year term with a feed-in tariff scheme under Taiwan’s Renewable Energy Development Act.
“This represents Sojitz’s first entry into offshore wind and we believe that offshore wind power has the greatest potential for growth in Japan in years to come. This investment represents the first expansion of the company’s renewable energy business into offshore,” Kotaro Kato , Project Coordinator, Sojitz Corporation, said.
“Through participation in this project, Sojitz not only achieves immediate investment objectives but also acquires the expertise to contribute to the expansion of offshore wind industry domestically in years to come.”
The acquisition is expected to be completed in the second half of May, once necessary procedures have been completed.
“Given this was our first investment in offshore, we were heavily reliant on our technical advisor, Natural Power, and were delighted with the expertise, knowledge and support throughout the acquisition – ultimately leading to a successful transaction for Sojitz and WPD,” Kotaro said.
The Yunlin offshore wind farm is expected to come online in 2021. The project will comprise eighty Siemens Gamesa 8MW wind turbines installed eight kilometres off the coast of Yunlin County. Offshore construction is expected to start in March 2020.