The Formosa 4 Offshore Wind Farm, located just off the coast of Miaoli County, recently completed the full offtake. It reached this milestone largely due to two new corporate power purchase agreements (CPPAs). With this award of funding, the project has taken a tremendous step toward realization. It successfully won capacity in Auction Round 1 of Phase 3 (2022). When finished, the wind farm will generate an estimated 2 billion kWh of clean electricity annually. This massive output will immensely help Taiwan realize its renewable energy targets.
In late 2024, officials issued the final building authorization for the Formosa 4 Offshore Wind Farm. This milestone now transforms it into the first project out of all its peer projects nationally to reach this significant stage. This permit is the final, crucial milestone needed for the project to advance with construction and operations. This successful allocation through the CPPA is a clear indication of market confidence and growing investment in innovative renewable energy solutions throughout the region.
Strategic Partnerships and Agreements
Earlier in August, Cadeler had signed an agreement with Synera Renewable Energy (SRE). For the wind farm, they’ll oversee the transport and installation of 35 Siemens Gamesa 14MW turbines. This collaboration underscores the teamwork required for the successful development of large-scale renewable energy projects.
Hover Energy just recently inked a royalty agreement with one of the world’s largest corporations. They are partnering with a distributed power services provider to prepare for the operational requirements of the Formosa 4 Offshore Wind Farm. These strategic alliances not only enhance the project’s technical capabilities but demonstrate a robust commitment to sustainability within Taiwan’s energy sector.
“We are delighted to see Formosa 4 reach such a significant milestone in its CPPAs.” – Lucas Lin
Government Support and Future Prospects
Synera is actively calling on government bodies and domestic financial institutions to coordinate on credit backing and project financing for Formosa 4 Offshore Wind Farm. Lucas Lin expressed optimism about the future, stating, “We look forward to working under the government’s guidance to swiftly advance project financing.”
The project’s financing is anticipated to progress smoothly with governmental oversight, aligning with Taiwan’s sustainability ambitions. The federal government’s support is absolutely critical. It is intended to facilitate the delivery of renewable energy while promoting the region’s economic development priorities.
The Formosa 4 Offshore Wind Farm is crucial to Taiwan’s goal of phasing out nuclear energy and gradually transitioning to renewable energy sources. Its successful implementation will better position the country to deliver on renewable energy faster, achieving significant improvements in environmental and economic goals.