TotalEnergies and Corio Generation have announced a joint venture partnership to develop the Formosa 3 offshore wind farm in Taiwan. Under the agreement, Corio will remain the majority shareholder with 50% plus 10 shares in the project, while TotalEnergies will retain the remaining half.
Partnership confirmed after Taiwan Round 3 auction
The news comes after Taiwan’s Energy Bureau confirmed in late 2022 that Formosa 3’s Haiding 2 wind farm had successfully secured 600 MW of grid capacity following the first phase of Taiwan’s Round 3 auction.
Project with three proposed sites on the West Central Coast
The Formosa 3 project consists of three proposed sites – Haiding 1, 2 and 3 – located on the west central coast of Taiwan in Changhua County. After being cleared by the Environmental Assessment Authority (EAA) in 2018, the facilities would have an EIA approved capacity of approximately 2 GW.
The development of the project would involve an estimated total investment of several billion dollars from partners and lenders until completion. Additional funds will be allocated according to the partners’ individual shares in the project.
Statements by Totalenergies and Corio Generation
“We are very pleased to partner with our strategic partner Corio to contribute to the plans for a green energy transition in Taiwan,” said Vincent Stoquart, Senior Vice President at TotalEnergies. [cela] enables sustainable and affordable energy supply [in Taiwan] and demonstrates our parallel commitment to building a global multi-energy business model that targets 35GW installed by 2025,” he concluded.
“We are delighted to welcome Total Energies as a major shareholder in this project,” said Jonathan Cole, CEO of Corio Generation. “As part of the framework provided by 20GW for divorce planning, the project will certainly contribute to job creation and provide opportunities for local businesses to take part in the transition to a green world,” he explained.
This agreement comes after the contracts concluded between the same parties concerning, among others, West of Orkney Windfarm in the United Kingdom, Outer Dowsing in England, or more than 2GW spread over South Korea.
