TotalEnergies to join Corio in Taiwan's Formosa 3 offshore wind JV

French energy major TotalEnergies SE (EPA:TTE) today said it will co-develop the Formosa 3 offshore wind project in Taiwanese waters through a joint venture (JV) with Corio Generation, the scheme’s majority owner.

Under the agreement, Corio Generation, a portfolio company of Macquarie Group Ltd’s Green Investment Group, will keep its controlling stake in the project and serve as lead developer with 50% plus 10 shares. The deal, which is pending regulatory clearance, confirms earlier media reports regarding Japanese utility Jera Co Inc’s exit from the project with the sale of its 43.75% stake.

Formosa 3 is located off the coast of Changhua county in central-west Taiwan and consists of three sites -- Haiding I, II and III. The project secured Environmental Impact Assessment (EIA) approval in 2018, with its EIA-approved capacity amounting to 2 GW. In December 2022, Haiding II was awarded 600 MW of grid capacity in the country’s Round 3 auctions. The wind farm is planned to become operational in 2026.

The project partners will invest in the multi-billion scheme in proportion to their respective shareholdings, TotalEnergies said.

Corio and TotalEnergies are already partnering in several offshore wind projects globally, among which is the 2-GW West of Orkney scheme in Scotland, the 1.5-GW Outer Dowsing off the Enligh coast and over 2 GW of floating projects in South Korean waters.

Choose your newsletter by Renewables Now. Join for free!