EU companies were responsible for over NT$56bn of inbound investment in Taiwan’s offshore wind market in 2020, according to the European Economic and Trade Office (EETO).
The NT$56.3bn (€1.7bn) spending equates to around 95% of Taiwan’s foreign direct investment in the island’s offshore wind sector.
The figure was revealed at the 2021 EU-Taiwan Wind Power Seminar: Developing Supply Chains. Incentives and Policies towards Global Competitiveness, which took place on 30 March in Taipei.
Taiwan’s offshore wind power industry is gradually building up to become a pioneer in the Asia Pacific region, said the EETO.
The office stated that the EU and Taiwan can “work together on the basis of international trade rules and mutual benefits to build a regional competitive supply chain”, potentially making Taiwan a regional hub for the offshore wind industry in the Asia Pacific region.
Through the Green Deal diplomacy, trade policy and the EU’s energy dialogues with third partners, the EU will support global uptake of offshore wind, said the EETO.
European companies investing in Taiwan’s offshore wind sector include Denmark-headquartered developer Orsted, which is developing projects that include the 900MW Greater Changhua 1&2a offshore wind farm.
On the 376MW Formosa 2 project FairWind is working with Siemens Gamesa on turbine pre-assembly work and is expanding its regional setup and hiring and training local Taiwanese technicians and staff to deliver the project.