Japanese utility Jera has completed the transfer of its shares in the Formosa 3 offshore wind project in Changhua, Taiwan, to its joint venture (JV) partner Corio Generation.

The company announced the decision to transfer all its shares and exit the Formosa 3 project after a careful assessment of its investment portfolio. It was involved in the project as a co-sponsor.

Jera will continue with its existing projects in Taiwan, including Formosa 1 and Formosa 2.

The news of Jera’s exit from Formosa 3 was first reported by the Japanese newspaper Nikkei in February 2023.

Nikkei's report stated that Jera had decided to sell the stake owing to concerns about increasing construction costs and lower profitability.

Corio then entered a JV with TotalEnergies to jointly develop the project in February 2023.

Corio is the largest shareholder with a 50% stake plus ten shares.

Corio made the announcement after the Energy Bureau of the Ministry of Economic Affairs agreed to allocate a grid capacity of 600MW for the Haiding 2 wind farm in December 2023.

Formosa 3 includes three proposed wind farms, Haiding 1, 2 and 3.

In May 2023, along with NTT Anode Energy, Jera agreed to acquire Green Power Investment (GPI) from US energy company Pattern Energy Group.

GPI is a renewable energy generation company that has been operating in Japan since 2004. The company owns and operates six renewable projects with a total capacity of 337MW and has two projects under construction with a combined capacity of 192MW.