Swancor to Offload Renewables Unit

Taiwan's Swancor is selling 100% of its shares in Swancor Renewable Energy Co. Ltd and its subsidiary Haineng Wind Power to ''European and American energy companies''.

Swancor is selling 20 million shares at a price range of between USD 1.3 and USD 5.07 per share. The transaction could fetch between USD 26 million and USD 101.4 million.

The sale agreement is expected to be signed at the end of June, at which time the name of the buyer will be disclosed, according to local media reports.

Swancor Renewable holds a 15% stake in the 128MW Formosa 1 offshore wind project which is currently under construction. The remaining stake is controlled by  Ørsted (35%), JERA (25%), and Macquarie Capital (25%).

The special purpose entity is also developing the 376MW Formosa 2 offshore wind farm project together with Macquarie.

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