PRNewswire
Taipei [Taiwan], January 24: Pine Wind Power Co., Ltd (Pine Wind) has entered into an agreement to acquire from Macquarie Asset Management (Macquarie) its 26% equity and debt interest in Formosa 2 International Investment Co., Ltd, a 376MW operational offshore wind farm located off the coast of Miaoli County (Formosa 2 Offshore Wind Farm).
The proposed investment will be acquired through J&V Energy’s wholly owned subsidiary, Pine Wind, and will be supported by capital commitments from its partners, Taiwan Life Insurance Co Ltd and He Jun Energy Co Ltd. As part of the transaction, JV Asset Management Co Ltd (JVAM), a J&V Energy affiliate, will provide long-term asset management services to its partners.
The Formosa 2 Offshore Wind Farm is comprised of 47 Siemens Gamesa 8.0MW wind turbine generators which have been connected to the grid since March 2023, supplying power to approximately 380,000 Taiwanese households per year. Macquarie developed the Formosa 2 Offshore Wind Farm, one of Taiwan’s first large scale offshore windfarms in partnership with JERA and Synera Renewable Energy.
Kai Tan, Deputy CEO of J&V Energy, said: “Formosa 2 Offshore Wind Farm represents a compelling scale opportunity for J&V Energy to secure long-term contracted cashflows with Taipower and demonstrates our continuing commitment to Taiwan’s energy transition ambitions. We look forward to joining JERA and Synera Renewable Energy in delivering lasting operational success for the asset.”
This transaction marks J&V Energy’s first operational wind farm investment in Taiwan and comes on the back of its previous experience developing and investing into wind farms in Taiwan including Formosa 4 and 5, and Huan Yang Offshore Wind Farm.
Jerome Tan, Chief Investment Officer of J&V Energy and CEO of JV Asset Management, said: “We are delighted to partner with Taiwan Life and He Jun Energy on this landmark transaction matching long-term Taiwanese capital with world-class income producing assets. JVAM is poised to be one of Taiwan’s largest specialist renewable asset managers, with this transaction bringing JVAM’s assets under management half of the way to our target of US$1 billion AUM by 2026.”
Edward Northam, Head of Renewable Energy and Head of Asia Pacific for MAM Green Investments, said: “Macquarie was an early participant in the Taiwan’s offshore wind industry, combining local knowledge with extensive offshore wind expertise from Europe. We proudly supported the early development and construction of offshore wind projects, creating investment opportunities before bringing in long-term partners. We are delighted to welcome J&V Energy, Taiwan Life, and He Jun, three Taiwanese investors committed to supporting the Formosa 2 project during its operational life and Taiwan’s energy transition.”
About J&V Energy
Headquartered in Taipei, J&V Energy (6869.TW) is a publicly-listed leading circular economy and renewable energy developer. J&V Energy employs a team of over 350 renewable energy professionals with expertise in solar, wind, energy storage and water infrastructure. Its regional footprint spans across Taiwan, Japan, Philippines and Vietnam. In 2023, J&V Energy secured the #1 spot amongst the Top 100 Fastest Growing Companies by CommonWealth Magazine and is a constituent of the MSCI Global Small Cap Index.
About JV Asset Management
JV Asset Management is a specialist renewables asset manager headquartered in Taipei with ~US$500m of assets under management. JVAM delivers advisory, operations and asset management services through a turnkey end-to-end approach. Supported by our team of investment and technical professionals, JVAM is focused on delivering sustainable returns with a strong risk management approach.
About Taiwan Life
Founded in 1947, Taiwan Life is the country’s oldest life insurance company. In 2015, Taiwan Life became a subsidiary of CTBC Holding. CTBC Financial Holding Co., Ltd is listed on the Taiwan Stock Exchange (2891.TW) with a market capitalization of c. US$25 billion. Taiwan Life is committed to building a sustainable financial ecosystem in support of the Government’s Green Finance Action Plan 3.0, and has been recognized at The Asset’s Triple A Sustainable Infrastructure Awards for three consecutive years.
About He Jun Energy
He Jun Energy was established in February 2022 with funding support from Hotai Finance (6592.TW) and Hotai Motor (2207.TW), both listed companies on the Taiwan Stock Exchange. He Jun Energy is dedicated to advancing ESG (Environmental Sustainability, Social Participation, Corporate Governance) principles. The company focuses on investing in and operating solar power plants, while also expanding into electric vehicle charging stations and energy storage solutions, aiming to create green energy and foster a sustainable financial ecosystem.
About Macquarie Asset Management
Macquarie Asset Management is a global asset manager, integrated across public and private markets. Trusted by institutions, governments, foundations and individuals to manage approximately US$633.7 billion in assets, Macquarie Asset Management provides a diverse range of investment solutions including real assets, real estate, credit and equities & multi-asset. Macquarie Asset Management is part of Macquarie Group, a diversified financial group providing clients with asset management, finance, banking, advisory, and risk and capital solutions across debt, equity and commodities. Founded in 1969, Macquarie Group employs over 20,600 people in 34 markets and is listed on the Australian Securities Exchange. All figures as at 30 September 2024.
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