Formosa 1 Phase 2

In January 2017, DONG Energy (now Ørsted) and Macquarie Capital signed agreements to acquire a combined 85% interest in the Formosa I offshore wind project from original developer Swancor Renewable Energy Co. DONG Energy acquired 35% and Macquarie Capital acquired 50%, with Swancor retaining the remaining 15%. The project at this stage comprised Phase 1 (2×4 MW demo turbines, operational October 2016) plus the planned 120 MW Phase 2 (total: ~128 MW). This was Taiwan's first joint venture between international offshore wind developers and a local company. Transaction value was not publicly disclosed. The project was at consented / early construction stage — Phase 1 had received its commercial operating licence from Taiwan's Bureau of Energy in May 2017. Financial close for Phase 2 was achieved in June 2018 with NTD 18.7 billion (EUR ~507m at 0.028) in project financing from a consortium of 11 banks and EKF (Denmark's ECA). Post-transaction ownership: Ørsted 35%, Macquarie 50%, Swancor 15%. European Commission approved the transaction in early 2017. Data confidence: MEDIUM — deal value undisclosed; ownership percentages confirmed via multiple sources.

In December 2018, JERA Co. Inc. (the joint venture between TEPCO and Chubu Electric) signed an agreement with Swancor Renewable Energy and Macquarie Capital to acquire a combined 32.5% equity interest in the Formosa 1 offshore wind project. The 32.5% was carved out from both the Macquarie and Swancor holdings. Following the entry of JERA (approved by the EU and cleared in February 2019), the final ownership structure became: Ørsted 35%, JERA 32.5%, Macquarie Capital 25%, Swancor 7.5%. This was JERA's first international offshore wind investment and marked the start of its Taiwan offshore wind strategy. Phase 2 was under construction at announcement — FID had been taken in April 2018 and financial close achieved in June 2018. Transaction terms were not publicly disclosed. The project achieved commercial operation in January 2020. Data confidence: MEDIUM — deal value undisclosed; ownership percentages confirmed via Macquarie press release and JERA announcement.

In August 2019, Stonepeak Infrastructure Partners (a US infrastructure investment firm) acquired 95% of Swancor Renewable Energy Co. Ltd from its parent Swancor Holding for approximately USD 25-101 million (exact figure in this range). Swancor Renewable Energy holds 7.5% of Formosa 1 (as well as a 25% stake in Formosa 2). The transaction is a corporate-level acquisition of Swancor Renewable rather than a direct project-level stake transfer in Formosa 1 Phase 2. Post-transaction, Swancor Holding retained 5% of Swancor Renewable Energy and a board seat. The effective ownership of the Swancor RE interest in Formosa 1 Phase 2 transferred to Stonepeak (95% × 7.5% = ~7.1% effective stake) and Swancor Holding (~0.4% effective). Deal value was approximately USD 100 million for Swancor Renewable Energy as a whole (per MarketScreener data), which covered both the Formosa 1 Phase 2 stake (7.5%) and Formosa 2 stake (25%) and other development assets. Per-project value not calculable. Stonepeak later launched Synera Renewable Energy Group as the successor entity. Data confidence: LOW — per project value not calculable; corporate deal covers multiple assets.