offshore wind

It's also a sign of how the UK oil major intends to 'do things differently' in the renewable energy space, including by taking on development risk.

The portfolio comprises six projects developed by Macquarie’s renewable energy platform Acacia.

GIG will invest around $11.6bn in the five projects, with the majority of funds coming from Korean institutional investors.

The joint venture will see the Danish fund manager expand its footprint in Asia.

Japan will designate one or more promotion areas for offshore wind energy each year as it aims to derive 1.7% of its energy from the sector by 2030.

A two-year extension to the FiT framework and a direct PPA programme could lead to greater opportunities for the sector, according to Fitch, but grid access and bankability of projects remain a challenge.  

The debt investment marks AMP Capital's first in Taiwan and supports the construction of Formosa 2, a 376MW offshore wind project.

The developer, which the infra fund manager grew from scratch to more than 400MW, is building the world’s largest floating solar platform in Taiwan.

Macquarie’s GIG and EnBW will retain 31.25% and 25%, respectively, in what will become the world’s largest offshore wind farm.

Taiwan Life and TransGlobe Life have acquired a minority stake in the 600MW Changfang and Xidao offshore wind project, while the Danish fund manager will retain its majority stake through the construction phase.