Formosa 2

Stonepeak Infrastructure Partners acquired 95% of Swancor Renewable Energy Co. Ltd from Swancor Holding in August 2019. Swancor Renewable Energy holds 25% of Formosa 2 (as well as 7.5% of Formosa 1 Phase 2). This is a corporate-level acquisition — the 25% Formosa 2 interest transferred indirectly to Stonepeak (95% × 25% = ~23.75% effective; Swancor Holding retaining ~1.25% effective). Deal value approximately USD 25-101 million covering the entire Swancor Renewable Energy entity. Stonepeak subsequently rebranded the entity as Synera Renewable Energy Group. See Formosa 1 Phase 2 companion record for full Stonepeak/Swancor context. Per-project value not calculable (multi-asset corporate deal). Data confidence: LOW — corporate deal; Formosa 2 value cannot be isolated.

In October 2019, JERA Co. Inc. agreed to acquire a 49% equity stake in the 376 MW Formosa 2 offshore wind project from Macquarie Capital. The announcement was made 9 October 2019. Prior to JERA's entry, Macquarie held 75% and Swancor Renewable Energy held 25%. After JERA's entry, the ownership structure became: JERA 49%, Macquarie 26%, Swancor Renewable Energy 25%. JERA secured joint control over the project alongside Macquarie and Swancor. The deal was announced simultaneously with Macquarie strengthening its partnership with JERA across both Formosa 1 and Formosa 2. Financial close for Formosa 2 was achieved in October 2019 with TWD 62.4 billion (approximately EUR 1.75 billion) in project financing from a consortium of 20 banks and ECAs. Transaction value was not publicly disclosed. Note: Swancor Renewable Energy (25% Formosa 2) was separately acquired 95% by Stonepeak in August 2019 — see Formosa 1 Phase 2 companion record for corporate-level detail. COD September 2023. Data confidence: MEDIUM — stake percentages confirmed; deal value undisclosed.

In January 2025, Macquarie Asset Management agreed to sell its remaining 26% stake in the 376 MW Formosa 2 offshore wind farm (operational since September 2023) to Pine Wind Power Co. Ltd, a wholly-owned subsidiary of J&V Energy. However, Synera Renewable Energy Group (owned by Stonepeak), which already held the 25% Swancor- origin stake in Formosa 2, exercised its contractual right of first refusal (ROFR) and acquired the 26% stake instead. The transaction closed in May 2025. Synera paid over TWD 8 billion for the 26% stake (per ION Analytics / Renewables Now). Also reported as approximately USD 264.5 million (per some sources). FX: TWD 8,000m × 0.028 = EUR 224m. USD 264.5m × 0.95 = EUR 251m. Implied 100% equity value: EUR 224m / 26% × 100% = EUR 862m. Implied EUR/MW: EUR 862m / 376 MW × 1,000,000 = EUR 2,292,000/MW. This is within the operational asset range (EUR 1,800k–4,500k/MW), reflecting the strategic control premium (Synera consolidating majority at 51%) and a 20-year FiT PPA. Note: The USD-derived figure (EUR 251m) gives a higher EUR 966m implied 100% value (EUR 2,569,000/MW). The TWD figure is used as primary. Post-transaction: Synera 51% (majority control), JERA 49%. Data confidence: MEDIUM-HIGH — deal quantum confirmed (TWD 8bn / ~USD 265m); FX conversion introduces minor uncertainty.