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Mitsui O.S.K. Lines (MOL), TohoGasCo (Toho) and Hokuriku Electric Power Company (Hokuriku) have agreed to acquire a 25% stake in Formosa I International Investment (Target Company) from Macquarie’s Green Investment Group.
The Target Company, through its wholly-owned Formosa I Wind Power Co. (FWPC), operates an offshore wind farm with a capacity of 128MW (Formosa 1), which is located off the coast of Miaoli County, Taiwan. Formosa 1 has been contracted to generate and sell electricity to Taiwan Power Company for 20-years based on the Feed in Tariff (FIT) scheme in April 2017 for Phase 1 (8MW) and December 2019 for Phase 2 (120MW). The acquisition is planned to be carried out through a special purpose company (SPC) jointly established by the three companies in Taiwan, in which MOL, Toho and Hokuriku will own 37.5%, 37.5% and 25.0% of the shares, respectively.
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