Taiwanese chemicals company Swancor has agreed a deal to sell 95% of its renewables arm to US investor Stonepeak Infrastructure Partners.
Swancor will retain a 5% share and one seat on the board of Swancor Renewable Energy, which itself has stakes in the 128MW Formosa 1 and 376MW Formosa 2 offshore wind farms off Taiwan.
Stonepeak, which was founded in 2011, is headquartered in New York and manages assets of more than $15bn in renewable energy, infrastructure and communications.
The move is the investor’s first in renewables in Asia and is part of plans to expand in other parts of the region, including Japan, South Korea and South-east Asia, Swancor said.
Swancor said the sale will allow it to expand its wind power materials production and plant investment in Taiwan, which includes blade resin and carbon fibre composite materials.
Swancor chairman Cai Chaoyang said: “Stonepeak’s investment in Swancor Renewable Energy will increase the cooperation between Taiwan and the US.”
Stonepeak Asia Pacific head Hajir Naghdy said: “We are honoured to assist Shangwei New Energy to gradually realise its vision of becoming a leader in Taiwan and international offshore wind power.”
Local media put the price of the deal at between $25m and $101m.