Mitsui OSK Lines (MOL), together with its partners Toho Gas and Hokuriku Electric Power, has agreed to jointly acquire a 25% stake in the company that owns Formosa 1 offshore wind farm off the coast of Taiwan.
Operated by Formosa I Wind Power (FWPC), the offshore wind farm is located off the coast of Miaoli County, Taiwan, with a generating capacity of 128MW.
Through a new special purpose company, the group will purchase the stake in Formosa 1 International Investment from Macquarie’s Green Investment Group (GIG).
With the transaction, Macquarie Group will withdraw from the offshore wind project, and the Japanese companies will enter the offshore wind power business in Taiwan.
The acquisition will be made through a special purpose company (SPC) jointly established by the three companies in Taiwan. It marks the first investment for the three companies in the offshore wind business outside of Japan.
In the SPC, the two companies, MOL and Toho will own 37.5% each, while Hokuriku will own a 25% stake.
The three Japanese companies are currently preparing to incorporate the SPC. Completion of the acquisition is subject to necessary approvals from the Taiwanese authorities.
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