French energy company Total has signed an agreement with WPD to acquire a 23% interest in Yunlin Holding, the owner of the 640MW Yunlin offshore wind farm off the coast of Taiwan.
Total will pay WPD a consideration based on its share of past costs for the stake.
The project is currently 48%-owned by WPD, 25% by Electricity Generating Public Company and 27% by a consortium of Japanese investors led by Sojitz Corporation
The other investors in the consortium are ENEOS Corporation, Chugoku Electric Power, Chudenko Corporation and Shikoku Electric Power.
Yunlin, now under construction, has a 20-year guaranteed-price power purchase agreement (PPA) with the state-owned company Taipower of $250 per megawatt-hour for the first 10 years and $125/MWh for the following 10 years.
Yunlin is located around 10km offshore at water depths ranging from 7-35 metres.
The wind farm will comprise 80 wind turbines with a unit capacity of 8MW.
Construction is scheduled to be completed in 2022.
Procurement of the main components has been finalised and marine works are under way.
The project installed its first wind turbine on 23 April.
Total gas, renewables and power president Stephane Michel (pictured) said: “This agreement provides Total with an opportunity to gain a foothold in one of Asia’s main offshore wind markets and strengthens the group’s position in this fast-growing segment, in line with its strategy of profitable development in renewables worldwide.
“Taiwan has been a pioneer in developing offshore wind power in Asia, and we are proud to contribute to the transformation of its energy mix.
“We are delighted to enter into this first partnership with WPD, one of the leading independent developers of offshore wind power.”
The acquisition, which is subject to government approval, will broaden Total’s portfolio of offshore wind projects under development and construction, that represents a cumulative capacity of about 5.5GW.