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EnBW joins Macquarie and Swancor in 2GW Taiwan offshore wind

The German energy company buys a 37.5% stake in the partnership’s three projects, which obtained environmental approvals last week.

German energy player EnBW is acquiring a 37.5 percent stake in three offshore wind projects in Taiwan, forming a new partnership with Australia’s Macquarie Capital and Taiwan’s Swancor Renewable.

The transaction value was not disclosed and the acquisition is subject to the relevant regulatory approvals.

The three projects in Changhua, which to date have been jointly developed by the Australian-Taiwanese tie-up, obtained an environmental impact assessment final approval last week.

The new trilateral partnership will initially focus on securing grid connection capacity for the three projects, which are expected to deliver a combined 2GW in total capacity.

“Each of the three partners contributes its individual strengths and capabilities, which show an ideal complementary fit,” said Macquarie Capital. EnBW, with experience in developing offshore wind farms in Germany, will take on most of the technical project development, while Macquarie Capital and Swancor will continue to contribute their financial expertise and local experience.

EnBW has already provided its own personnel on site to work with its two partners and a local qualified workforce will be established and trained by EnBW after EU merger control clearance is obtained, according to Macquarie Capital.

The German firm said this is its first overseas investment, as it seeks to internationalise its business to supplement its core German market. EnBW is committing to invest more than €5 billion in renewables through to 2025.

The German developer has successfully delivered 336MW of offshore wind capacity in operation, with another 1.5GW in construction and development. In Taiwan, Macquarie Capital invested in Formosa I, the first operational offshore wind farm in Taiwan, alongside Swancor and DONG Energy (now known as Orsted), in addition to the three projects.