JERA to Offload Taiwan Offshore Wind Project Stake Due to Cost and Profitability Issues

Katya Golubkova and Yuka Obayashi
Monday, February 13, 2023

Japan's biggest power generator JERA plans to sell its stake in a yet-to-be-built offshore wind project in Taiwan, Nikkei reported late on Friday, on concerns about high construction costs and low profitability.

JERA plans to sell its 44% stake in the Formosa 3 project off the central-western coast of Taiwan, with the potential buyer and a selling price yet to be decided, Nikkei said.

According to the report, JERA intends to keep its interest in the Formosa 1 wind power project, launched in 2019, and the nearby Formosa 2 project which is preparing to start operations after the last of its 47 wind turbine generators was installed last month.

A JERA spokesperson declined to comment on the Formosa 3 project's status but said: "while comprehensively considering profitability, business environment, risks and so on, we change portfolio and build the optimal asset portfolio at each time."

Formosa 3, with a total capacity of 2 gigawatts, will be launched in the second half of the decade, becoming one of the world's biggest offshore wind farms, as other projects globally, including Dogger Bank Wind Farm in Britain, are being developed.

(Reuters - Reporting by Katya Golubkova and Yuka Obayashi; Editing by Kirsten Donovan)

Categories: Energy Renewable Energy Industry News Offshore Wind Activity Asia

Related Stories

Malaysia’s Petronas and Oman’s OQEP Strengthen Oil and Gas Ties

Pharos Energy Kicks Off Drilling Campaign Offshore Vietnam

Viridien to Shed More Light on Malaysia’s Offshore Oil and Gas Potential

US Pressure on India Could Propel Russia's Shadow Oil Exports

Pakistan, Türkiye Deepen Oil and Gas Ties with Offshore Indus-C Block Deal

Seatrium Secures ABS Backing for Deepwater FPSO Design

Yinson Production Nets DNV Approval for New FPSO Hull Design

PV Drilling Takes Ownership of Noble Corporation’s Stacked Jack-Up Rig

Marco Polo Picks Salt Ship Design for Next-Gen Offshore Energy CSOV

Baker Hughes, Petronas Team Up for Asia-Pacific Energy Resilience

Current News

Malaysia’s Petronas and Oman’s OQEP Strengthen Oil and Gas Ties

Southeast Asia’s 2GW Cross-Border Offshore Wind Scheme Targets 2034 Buildout

Pharos Energy Kicks Off Drilling Campaign Offshore Vietnam

Viridien to Shed More Light on Malaysia’s Offshore Oil and Gas Potential

US Pressure on India Could Propel Russia's Shadow Oil Exports

Energy Drilling’s EDrill-2 Rig Starts Ops for PTTEP in Gulf of Thailand

RINA Wins FEED Contract for Petronas’ Flagship CCS Project in Malaysia

ABL Secures Rig Moving Assignment with India's ONGC

Pakistan, Türkiye Deepen Oil and Gas Ties with Offshore Indus-C Block Deal

Eni-Petronas Gas Joint Venture Up for Launch in 2026

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com