Spotlight on Taiwan: Formosa 3 Project Prepares for Auction

Source: 7/1/2022, Location: Asia

As one of the biggest markets for offshore wind in Asia, Taiwan is at the forefront of a green energy change.

With 5.5 GW of offshore wind capacity due to be connected by 2025, the government is now looking to auction seabed rights for another 15 GW in the decade between 2026 and 2035.

Two international companies with a track-record in Taiwan, global offshore wind developer Corio Generation and Japanese power company JERA, have announced their intention to enter the next offshore wind auction round, slated for the third quarter of 2022.

Corio and JERA plan to bid for phase three of Taiwan’s offshore wind auctions through the Formosa 3 project. Comprising three proposed windfarms in Changhua county on the central-western coast of Taiwan, the project received Environmental Impact Assessment (EIA) approval as early as 2018, with an EIA- approved capacity of around 2 GW.

Corio is a portfolio company of Macquarie’s Green Investment Group (GIG). Launched as a global offshore wind business in April 2022, now operating on a standalone basis, Corio brings together a team of international and local financial and industrial experts to harness offshore wind energy worldwide.

Corio’s specialist team has considerable experience in developing offshore wind projects, with a strong track-record in Europe and across the Asia-Pacific region, including in Taiwan, South Korea and Japan, as well as newer projects in Australia and Vietnam.

“Our locally-based team have strong experience in project development and operations gained from our previous projects in Taiwan,” said Jeffrey Chen, Chairman of Corio Generation Taiwan. “We believe our strong local knowledge and capabilities, combined with our international experience, make Corio the ideal partner to support Taiwan's green energy transition.”

According to the Global Wind Energy Council (GWEC), Taiwan is on track to generate over 20,000 jobs and nearly US$30 billion in inward investment by 2025, making offshore wind the “cornerstone” of its green recovery. By 2035, investment from offshore wind is reportedly expected to reach US$90 billion and create around 57,000 jobs.

The government’s ambition means it is “widely recognised as one of the most exciting emerging markets for offshore wind”, according to GWEC, which is hosting a Global Offshore Wind Summit in Taipei in October 2022.

JERA, Japan’s foremost energy company in terms of power supply, was one of the first companies to respond to the net zero goals set by Taiwan and Japan by developing a large-scale renewable energy business centering on offshore wind and a zero-emissions thermal power generation business.

“Similar to Japan, Taiwan is now going through an energy transition, and we’re very happy to be part of Taiwan’s journey to develop offshore wind power from the very beginning,” said Koichi Tamura, Chairman and CEO of JERA Energy Taiwan.

Chen added: “Corio is delighted to join forces with JERA to develop Formosa 3 to its fullest potential. We are working to build the next generation of renewable energy infrastructure for Taiwan, delivering clean, reliable and affordable electricity, as well as economic opportunities for communities and businesses.”

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