Thai Utility Takes 25% Stake in Taiwanese Offshore Wind Farm

Thailand-based electric utility holding company, Electricity Generating Public Company Limited (EGCO Group), has acquired a 25% ownership interest in Yunlin Holding GmbH, the developer of the 640MW Yunlin offshore wind farm project in Taiwan.

Greenwing Energy B.V., a wholly-owned subsidiary of EGCO, entered into a share purchase agreement to acquire a 25% ownership interest in Yunlin Holding GmbH on 19 December, according to Jakgrich Pibulpairoj, President of EGCO Group.

”The transaction is expected to be closed in the 1st quarter of 2020, subject to completing all closing conditions including consent by Taiwanese authorities,” Jakgrich said.

The Yunlin project is currently 73% owned by Germany’s wpd and 27% owned by a Sojitz Corp-led consortium which includes Chugoku Electric Power Co. Inc., Chudenko Corporation, Shikoku Electric Power Co., Inc., and JXTG Nippon Oil & Energy Corporation.

The wind farm will consist of 80 Siemens Gamesa turbines of the 8MW class installed in the Taiwan Strait approximately eight kilometres west of the coast of Yunlin County, covering an overall area of approximately 90 square kilometers.

The project developer entered into power purchase agreements with Taipower for each of the wind farm’s two phases in December 2018.

Through these PPAs, the developer has secured a fixed 20-year feed-in-tariff for the sale of electricity from the wind farm.

The commissioning of the wind farm will occur in two phases, with phase one comprising 352MW scheduled for completion in the fourth quarter of 2020, and phase two comprising 288MW scheduled for completion in the third quarter of 2021.

“This investment represents a unique and important opportunity for EGCO Group to expand its footprint in a new and growing renewable market in the Asia Pacific region,” Jakgrich said.

”The Project is expected to support the Company’s growth momentum while offering compelling long-term returns for shareholders. Moreover, the Project represents the Company’s first successful investment in Taiwan which will provide a strategic platform for the future growth.”