Pine Wind Power Co., Ltd (Pine Wind) has entered into an agreement to acquire from Macquarie Asset Management (Macquarie) its 26% equity and debt interest in Formosa 2 International Investment Co., Ltd, a 376MW operational offshore wind farm located off the coast of Miaoli County (Formosa 2 Offshore Wind Farm).

The proposed investment will be acquired through J&V Energy’s wholly owned subsidiary, Pine Wind, and will be supported by capital commitments from its partners, Taiwan Life Insurance Co Ltd and He Jun Energy Co Ltd. As part of the transaction, JV Asset Management Co Ltd (JVAM), a J&V Energy affiliate, will provide long-term asset management services to its partners.

The Formosa 2 Offshore Wind Farm is comprised of 47 Siemens Gamesa 8.0MW wind turbine generators which have been connected to the grid since March 2023, supplying power to approximately 380,000 Taiwanese households per year. Macquarie developed the Formosa 2 Offshore Wind Farm, one of Taiwan’s first large scale offshore windfarms in partnership with JERA and Synera Renewable Energy.

Kai Tan, Deputy CEO of J&V Energy, said: “Formosa 2 Offshore Wind Farm represents a compelling scale opportunity for J&V Energy to secure long-term contracted cashflows with Taipower and demonstrates our continuing commitment to Taiwan’s energy transition ambitions. We look forward to joining JERA and Synera Renewable Energy in delivering lasting operational success for the asset.”

This transaction marks J&V Energy’s first operational wind farm investment in Taiwan and comes on the back of its previous experience developing and investing into wind farms in Taiwan including Formosa 4 and 5, and Huan Yang Offshore Wind Farm.

Jerome Tan, Chief Investment Officer of J&V Energy and CEO of JV Asset Management, said: “We are delighted to partner with Taiwan Life and He Jun Energy on this landmark transaction matching long-term Taiwanese capital with world-class income producing assets. JVAM is poised to be one of Taiwan’s largest specialist renewable asset managers, with this transaction bringing JVAM’s assets under management half of the way to our target of US$1 billion AUM by 2026.”

Edward Northam, Head of Renewable Energy and Head of Asia Pacific for MAM Green Investments, said: “Macquarie was an early participant in the Taiwan’s offshore wind industry, combining local knowledge with extensive offshore wind expertise from Europe. We proudly supported the early development and construction of offshore wind projects, creating investment opportunities before bringing in long-term partners. We are delighted to welcome J&V Energy, Taiwan Life, and He Jun, three Taiwanese investors committed to supporting the Formosa 2 project during its operational life and Taiwan's energy transition.”