EGCO Takes 25% in Taiwan’s “Yunlin” for an Investment of 640MW Offshore Wind Farm

The Electricity Generating Public Company Limited (EGCO) has announced that 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 (Yunlin) owned by Taiwan Offshore Holding GmbH on December 19, 2019.

The investment was approved by the Boards of Directors of EGCO in its meeting on November 22, 2019. The transaction is expected to be closed in Q1 2020 subject to completing all closing conditions, including consent by Taiwanese authorities.

 

Yunlin is a holding company which owns 100% of Yunneng Wind Power Co., Ltd. of Taiwan (Yunneng). Yunneng is constructing a 640 MW offshore wind farm project which will be located in the Taiwan Strait approximately 8 km west of the coast of Yunlin County in Taiwan (the Project).

Yunneng has entered into power purchase agreements with Taiwan Power Company (Taipower) on December 11, 2018 for each of its two phases. Through these PPAs, the Project Company has secured a fixed 20-year feed-in-tariff, for the sale of electricity by the Project. Commissioning of the Project will occur in phases, with phase 1 comprising 352 MW scheduled for completion in Q4 2020, and phase 2 comprising 288 MW scheduled for completion in Q3 2021.