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Ørsted's Board of Directors has approved the investment in phase 2 of the Formosa 1 offshore wind farm by taking a final investment decision (FID). Formosa 1 is a joint venture between Ørsted (35% ownership), Taiwanese developer Swancor Renewable (15%), and Macquarie Capital (50%).
 
The joint venture, which was established in January 2017, is expected to take its final investment decision about Formosa 1 phase 2 in May 2018. Formosa 1 is Taiwan's first offshore wind project. The first phase of the project has been operational since April 2017 and consists of two 4MW offshore wind turbines. The second phase will add 120MW, which will be constructed in 2019. The project has signed a contract with Siemens Gamesa for twenty 6MW turbines and a full-service agreement for 15 years. Additionally, Formosa 1 signed a contract with the Taiwanese company Fortune Electric for an upgrade of the existing onshore substation. These contracts are subject to the joint venture's final investment decision and financial close.
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