France-based energy company Total has signed an agreement with wind project developer wpd to acquire a 23% interest in Yunlin Holding.
Yunlin Holding is the owner of the 640MW Yunlin offshore wind farm in Taiwan.
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By GlobalDataFor the acquisition, Total has agreed to pay a consideration to wpd based on its share of past costs.
wpd currently owns a 48% stake in the Yunlin farm. Electricity Generating Public Company owns a 25% interest, while the remaining 27% is owned by a consortium of Japanese investors.
Companies in the consortium include Sojitz, ENEOS, Chugoku Electric Power, Chudenko and Shikoku Electric Power.
Located around 200km southwest of Taipei off the coast of Taiwan, the offshore wind facility is currently under construction.
The facility has a 20-year guaranteed-price power purchase agreement (PPA) in place with Taipower.
Covering 10km at water depths ranging from 7m to 35m, the facility will feature 80 wind turbines, each with an 8MW unit capacity.
Construction works at the farm are scheduled to be completed next year.
Upon completion, the wind facility will have the potential to generate 2.4TWh of renewable electricity a year, enough to power 605,000 households.
Marine works at the site are already underway, and the project’s main components have been procured.
On 23 April, the project’s first wind turbine was installed.
Total Gas, Renewables and Power president Stéphane Michel said: “This agreement provides Total with an opportunity to gain a foothold in one of Asia’s main offshore wind markets and strengthens our position in this fast-growing segment, in line with our strategy of profitable development in renewables worldwide.
“Taiwan has been a pioneer in developing offshore wind power in Asia, and we are proud to contribute to the transformation of its energy mix.
“We are delighted to enter into this first partnership with wpd, one of the leading independent developers of offshore wind power.”
Completion of the deal is subject to government approval.
The transaction is expected to further increase Total’s portfolio of offshore wind projects under construction. The portfolio currently represents a cumulative capacity of around 5.5GW.
In another development, Total, through its wholly owned affiliate Total Solar Distributed Generation, has started operating the solar power system to supply renewable energy to the Singapore liquefied natural gas (LNG) terminal.
The terminal is operated by Singapore LNG Corporation (SLNG).
Mounted onto the roofs of the terminal buildings, the photovoltaic system is expected to generate 800MWh of clean energy, enough to power around 200 average households in Singapore a year.
Last month, French telecommunications operator Orange signed a corporate PPA with Total.
Orange will purchase 100GWh of renewably generated energy a year for 20 years through Total Quadran.
